Yen Surges as BOJ Hawks Up Rate Hike Expectations

The yen surged on Thursday to its strongest level in nearly a month, reaching ​157.545 per dollar in Asia.

This sudden jump was attributed by traders to a hawkish repricing of domestic rate expectations rather than any official intervention from Tokyo.

Kazumasa Ishii, a strategist at UBS SuMi Trust Wealth Management, said there's 'little incentive' for the Japanese government to intervene at this moment due to limited signs that dollar/yen could scale a new multi-decade high in the near term.

The yen's rally was broad-based, with the euro sliding 0.57% to 182.90 yen and sterling falling 0.55% to 212.81 yen.