Yen Soars to Seven-Month High Amid Fed Hike Uncertainty

The yen has surged to a seven-month high against the dollar, driven by bets on faster Bank of Japan tightening and expectations that Japanese investors may shift funds home.

Traders are reassessing their outlook on the yen after its recent intervention, which saw Washington and Tokyo jointly step into markets to prop up the currency.

The dollar slid 1.14% against the yen on Monday to 154.42, its lowest since February, pushing past the lows struck in August.

Lee Hardman, senior currency analyst at MUFG, said the break past the 155 level is a bullish signal and could see further upside for the yen.