Yen rises above ¥150/$ as BOJ rate-hike expectations increase.

The yen strengthened against the dollar amid speculation of an imminent Bank of Japan rate hike, reaching its highest level since December.

The yen is on fire! It just hit its strongest level against the dollar since December, outpacing all other major currencies. On Thursday, it climbed up to ¥150.21 against the dollar, a milestone it hasn’t touched since December 9. With the Bank of Japan potentially hiking rates soon, Japanese government bond yields are shooting up too, hitting levels we haven’t seen since 2009.

There’s an 83% chance of a rate hike by the July meeting, up from 70% at the start of the month, with eyes set on a definite hike by September. BOJ Gov. Kazuo Ueda kept it chill in talks with the Prime Minister about rising yields, while board member Hajime Takata emphasized the need for gradual hikes to align with market views. Things are heating up in Japan’s economic scene!

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