The yen hit a six-year low against the dollar on Tuesday, as the hawkish tone of the US Federal Reserve and its determination to curb inflation convinced investors that Japan’s currency may have further to fall.
The currency fell to ¥121 against the greenback, its lowest point since February 2016, completing a near 5 per cent decline so far in 2022.
Shusuke Yamada, head of Japan foreign exchange and rates strategy at Bank of America, said the bank’s latest forecast put the yen at ¥123 to the dollar by September.
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