Yen Tumbles Toward ¥160 as Fed Rate Hikes Loom

The Japanese yen has been steadily losing value against the US dollar, reaching a three-week low of ¥158.3 on Thursday.

This decline is largely attributed to upbeat US private-sector data, which has bolstered expectations of further interest rate hikes from the Federal Reserve.

As a result, the USD/JPY exchange rate has edged closer to the closely watched ¥160 mark, sparking concerns about potential intervention by the Bank of Japan (BoJ).

The BoJ had recently lifted interest rates to 1.25% on September 18, its highest since 1995.