Yen Tries to Recover Ahead of G20 Meeting

The Japanese yen is attempting to recover from its four-week low against the US dollar ahead of the G20 meeting in the United States.

Data released in Tokyo showed a stronger-than-expected increase in retail sales in July, indicating that Japan's economic growth is broadening during the third quarter and strengthening the case for an interest rate hike in September.

The probability of the Bank of Japan raising interest rates by 25 basis points at its September meeting increased from 83% to 88%, according to investors awaiting further data on inflation, unemployment, and wages in Japan.