Yen Surges to Seven-Month High as Rate Hike Bets Gain Momentum
The yen has strengthened to its strongest level in seven months, as investors bet on faster interest rate hikes by the Bank of Japan and potential capital repatriation.
On Monday, the dollar fell over 1% against the yen to 154.58 yen, its lowest since February.
Market watchers believe this marks a turning point for the currency, which hit 40-year lows on the dollar in August.
'We could be getting to a tipping point,' said Lee Hardman, senior currency analyst at MUFG.