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fxJun 9, 2026, 9:49 AM

Japanese Yen Weakens Past 160.00 Despite BoJ Rate Hike Bets

MUFG analyst Lee Hardman notes the yen remains under pressure with USD/JPY trading above 160.00, even as markets price in a near-certain BoJ rate hike at the June meeting.

USDJPY

MUFG analyst Lee Hardman says the Japanese yen continues to weaken against the US dollar, with USD/JPY climbing back above the 160.00 level. The move comes despite growing expectations of a Bank of Japan rate hike at the June 16 meeting, which is now almost fully priced in by markets.

The yen's persistent weakness reflects ongoing divergence in monetary policy between the BoJ and the Federal Reserve, as well as broader risk appetite weighing on the safe-haven currency. Hardman's comments highlight that even hawkish BoJ signals have failed to stem the yen's slide.

Source: FXStreet Forex News