Yen rally continues

The Japanese yen continues to rise due to expectations of an interest rate hike. The rally in the Japanese yen is continuing for a second day on expectations that the Bank of Japan may hike interest rates early. The yen, which gained up to 4% against the dollar at one point in New York transactions, also traded with a daily increase of 1.1% in the morning hours. The movement was influenced by speculators closing their pessimistic positions regarding the yen. According to Daiwa Securities Senior Currency Strategist Yukio Ishizuki, who stated that low US employment data could trigger more dollar sales, the dollar/yen exchange rate of 141 appeared on the horizon. Earlier on Thursday, Bank of Japan Governor Kazuo Ueda told lawmakers that things would be more difficult by the end of the year, reinforcing expectations that the bank could exit negative interest rates earlier than expected. The bank will announce its interest rate decision on December 19.