Yen Tumbles Amid Fears of Being Left Behind by Global Central Banks

The yen has come under pressure as traders bet that Japan's central bank will struggle to keep pace with other global hawkish monetary policies.

This is because the Bank of Japan (BOJ) raised interest rates last Friday but only managed two dovish dissents, a move at odds with most other major central banks, including the Federal Reserve.

The BOJ's rate hike and the subsequent dovish dissents have put pressure on the yen, which is now facing a wide gap in interest rates compared to its peers.