Japanese Yen Falls on Dollar Strength

The Japanese yen depreciated past 136 per dollar, sliding to its lowest levels in nearly two weeks, weighed down by general dollar strength as global economic uncertainties drove investors toward the safe-haven greenback.

Federal Reserve Governor Michell Bowman also said last week that the US central bank will probably need to raise interest rates further if inflation persists.

Domestically, a summary of opinions at the Bank of Japan’s April meeting showed that members debated the country’s progress towards achieving the inflation target, citing a positive cycle of rising wages and prices.

Some members also flagged the side-effects of the BOJ’s current yield control and possible repercussions in case it raises interest rates in the future, a sign the central bank is considering a future policy shift.