Japan’s currency has run up its biggest monthly gain against the dollar this year, reflecting growing expectations that the Bank of Japan will be forced to tighten monetary policy just as the US Federal Reserve is signalling rate cuts.
The yen has climbed 7 per cent against the dollar since the middle of November to trade at ￥141.59, its strongest level since July, including a 4.4 per cent rise this month.
“It’s been a big move by any standard,” said Chris Turner, head of global markets at ING. “It started with the whole turn in the dollar when the market was turning more dovish on the Fed and then there were stories suggesting the Bank of Japan was ready to lift interest rates.”
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