Yen's Rise to Seven-Month High Weighs on Dollar Ahead of US CPI

The Japanese yen has risen to a seven-month high against the US dollar, reaching as much as 152.89 per dollar in Asia on Tuesday.

This comes amid growing bets of a Bank of Japan interest-rate hike and traders unwinding short positions.

According to Khoon Goh, head of Asia research at ANZ, 'When the yen started to move stronger, I think it triggered a lot of stop losses… especially when they started to break some of those key levels.'

The dollar index was subdued at 98.84 amid yen strength.

Market focus now shifts to US inflation readings this week, with traders pricing a roughly 60% chance of a Federal Reserve rate hike following Friday's stronger-than-expected nonfarm payrolls report.