Yen Struggles Amid Global Central Banks' Hawkish Shift

The yen came under pressure on Tuesday as traders bet that Japan's central bank would struggle to keep up with the increasingly hawkish tone of global policymakers.

Following a Bank of Japan interest rate hike on Friday, which included two dovish dissents, the yen slipped further against the dollar in the Asia session, reaching 157.47.

The move was contained due to a holiday in Japan and concerns about potential intervention by the Japanese authorities, following a report that they had checked dollar/yen rates on Friday.