The Japanese yen strengthened past 152.5 per dollar on Wednesday, reaching its highest level in over two weeks, fueled by speculation that the Bank of Japan may raise interest rates in December.
BOJ Governor Kazuo Ueda recently hinted at the possibility of a rate hike next month, citing concerns over the yen's weakness.
Investors are now awaiting Tokyo's inflation data later this week, which could offer further clues on the outlook for monetary policy.
The yen also received support from increased safe-haven demand following US President-elect Donald Trump's threat of tariffs on China, Mexico, and Canada.
Additionally, the dollar and US Treasury yields retreated after the nomination of Scott Bessent as Treasury Secretary, leading traders to dial back on their "Trump trades.".
Source: Trading Economics
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