Stop-loss orders push yen toward 152
The Japanese yen rose by 0.5% to reach 153.56 against the dollar on Tuesday morning, after surpassing the 155 level which triggered "stop-loss" orders, bringing it closer to the support target at 152. This increase was supported by expectations of a tightening stance from the Bank of Japan and anticipation of US inflation data. The upward momentum that began last week was fueled by growing expectations of a rate hike from the Bank of Japan, boosting the Japanese currency's gains, which have so far reached about 4% this month, making it the best performer among G10 currencies. Investors are closely watching the upcoming Bank of Japan's monetary policy meeting, where the market expects the bank to send a hawkish message that could sustain the yen's rise, amid strong prospects for an interest rate hike before the end of the year.
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