The Japanese yen strengthened near a seven month high against the dollar on Tuesday amid increasing expectation that the Bank of Japan is likely to raise its interest rate by a quarter point at its upcoming September meeting. During the G20 summit, US Treasury Secretary Scott Bessent reportedly urged Japan’s central bank governor and finance minister to raise interest rates. Yen surged to hit a peak 153.53 yen per dollar in morning trading on Tuesday. This powerful rally marks a sharp reversal from the currency’s 40-year lows reached in July. Investors are now awaiting PPI and CPI data later this week for further clues on the Feds policy path.
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