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Yen hits six-month high as BOJ hike bets firm

USD/JPY dipped below 153.0 during the move, while AUD and NZD softened amid softer data and commentary in Australia and New Zealand.

Reported · Written up by our desk · Major Pairs

The Japanese yen strengthened to a six-month high against the US dollar as expectations for faster Bank of Japan rate hikes firmed up, driven by strong GDP and wage data, Forexlive reported. The move weighed on the Nikkei even as the Kospi rallied, with traders also citing a potential shift in the Government Pension Investment Fund's asset allocation as part of the bullish sentiment for the yen. Speculation that the BOJ could move more quickly supported the yen’s advance, with USD/JPY dipping below 153.0 at one stage, according to Forexlive. Elsewhere in the region, the Australian and New Zealand dollars weakened. Forexlive pointed to soft Australian data, a Rio Tinto ore dispute, and dovish comments from the Reserve Bank of New Zealand. China’s trade data also factored into the broader session. Exports were reported as matching forecasts in August, while imports fell short as domestic demand remained soft, Forexlive said.

Latest closeNikkei 225 66,215.34 ▼0.1%|Kospi 6,835.80 ▲0.2%|USD/JPY 158.82 ▼0.9%

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