Yen hits eleven-month low against dollar

On Monday, the dollar hit an eleven-month high against the Japanese yen and an almost 10-month high against a basket of currencies after the Federal Reserve last week signaled that it could raise interest rates further and is likely to hold them higher for longer.

The hawkish rate outlook from the Fed sent U.S. Treasury yields higher and boosted demand for the greenback. The yen was also hurt after the Bank of Japan on Friday maintained ultra-low interest rates and its pledge to keep supporting the economy until inflation sustainably hits its 2% target, suggesting it was in no rush to phase out its massive stimulus program.

The dollar reached 148.97 yen , the highest since Oct. 25.


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