Yen extends gains as traders eye rate hike, tech rallies again The yen extended gains Tuesday, putting it in range of a 2026 high against the dollar as investors ramp up bets on Bank of Japan interest rate hikes, while tech firms once again stood out on equity markets.
The Japanese unit has enjoyed a much-needed rally over the past week amid expectations the central bank will speed up its pace of monetary tightening in the face of surging inflation.
With some observers even predicting back-to-back hikes, the yen has climbed more than four percent against the greenback, with Monday’s gains said to be helped by thin liquidity as US markets were closed for a holiday.
A historic joint intervention by authorities in Japan and the United States at the end of July sent the currency surging from a four-decade low of almost 164 per dollar but began weakening until last week, when traders began snapping it up again.
On Tuesday it briefly hit 152.89 and within distance of the 152.10 touched in February, its highest this year.
While a BoJ hike is widely expected, investors will be keeping a close eye on US consumer price data on Friday, which could be the deciding factor in the Federal Reserve decision-making on its own rates.
Blockbuster US jobs figures last week have pushed up bets on a Fed increase — the CME Group’s FedWatch tool factoring a more than 60 percent chance of such a move.
A spike in oil prices back towards $100 — stoked by a recent flare-up in the Middle East crisis — is adding to pressure on the US central bank, with average diesel prices in the United States hitting a record high Monday, according to the motorists’ association AAA. https://www.iraqinews.com/business/yen-extends-gains-as-traders-eye-rate-hike-tech-rallies-again/
Iraqi News
Yen extends gains as traders eye rate hike, tech rallies again
The yen extended gains Tuesday, putting it in range of a 2026 high against the dollar as investors ramp up bets on Bank of Japan interest rate hikes, while tech firms...
September 8, 2026 747 4
