Forex
Yen Soars on Rate Hike Expectations Amid Oil Price Chaos
The global financial markets have been shaken by the surge in oil prices and the yen's rise to a seven-month high.
Brent crude futures jumped 2.3% above $100 per barrel due to escalating Middle East tensions, specifically strikes by Iranian-backed Houthis in Yemen targeting Saudi Arabian cities, which drew US involvement.
The strengthening of the Japanese yen is partly attributed to expectations of a Bank of Japan rate hike, with traders predicting a 25 basis point increase at their upcoming meeting.