Yen Near 7-Month High As Fed Decision Looms

The yen traded at 153.49 per dollar on Monday, near last week’s 152.89 seven-month high, as traders weighed the Federal Reserve’s Wednesday rate decision and the Bank of Japan’s meeting on Friday. Speculators turned net-long on the yen for the first time since February, while the currency has gained almost 4% this month, according to BeInCrypto, with markets pricing an 86% chance of a Fed hike. MUFG said a quarter-point BOJ hike is largely priced in, but TD Securities warned dollar/yen could revisit 157 to 160 if Tokyo signals no further hikes for October and December.