Yen weakens to upper 159 range against dollar in New York

news.yahoo.co.jp (Japanese) —

The Japanese yen weakened to the upper 159 range against the US dollar in New York trading on Thursday, with the exchange rate at 159.71-81 yen per dollar as of 8:40 a.m., down 1.00 yen from the previous trading day. The depreciation was driven by expectations that the US Federal Reserve will accelerate its pace of interest rate hikes to curb persistent inflation, widening the interest rate differential between Japan and the US and prompting yen-selling and dollar-buying. The move reflects ongoing market sentiment favoring the dollar amid diverging monetary policies between the Fed and the Bank of Japan, which maintains its ultra-loose monetary stance.


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