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The Japanese yen traded around 156 per dollar on Monday after gaining more than 2% last week, supported by growing expectations that the Bank of Japan will raise interest rates this month. Takuji Aida, an economic adviser to Prime Minister Sanae Takaichi, said the central bank is likely to hike rates in September and deliver another increase by January next year. The comments point to a widening recognition within the Takaichi administration, which has previously taken a dovish stance, that additional BOJ hikes may be needed to stem excessive yen weakness. The currency also benefited from the unwinding of carry trades, expectations for capital repatriation and increasing political pressure from the US. Meanwhile, data showed Japan’s foreign exchange reserves dropped by a record $79.6 billion in August following Tokyo’s largest-ever yen-buying intervention, with authorities spending about $99 billion between July 30 and August 26 to contain persistent weakness in the currency.
