The Japanese yen surged to its strongest level this year as traders ramped up bets that the Bank of Japan will cancel the world’s last negative interest rate system as soon as this month.
The Japanese yen briefly climbed nearly 4% to trade at 141.71 against the dollar in afternoon trading in New York. To touch the highest level since August 7 before shrinking its gains.
Earlier, Bank of Japan Governor Kazu Ueda and one of his deputies shook Tokyo’s financial markets and the world, pushing the yen price sharply higher.
The price of the yen also increased against all its peers in the Group of Ten.
“The prospects for tightening interest rates set for December 19 remain somewhat elusive,” said Pippan Rae, global head of foreign exchange strategy at CIBC in Toronto.
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