The Japanese yen traded around 161.7 per dollar on Friday, hovering near its weakest level since 1986 despite data showing Tokyo’s core inflation accelerated for the first time in eight months, reinforcing expectations that the Bank of Japan will continue raising interest rates. On Wednesday, BOJ Governor Kazuo Ueda reaffirmed his commitment to further rate hikes in line with economic, inflation, and financial developments. A day later, hawkish board member Naoki Tamura also advocated raising rates every few months. The BOJ is due to announce its next policy decision on July 31. The yen remained under pressure despite repeated verbal warnings from Japan’s Finance Ministry and record currency intervention in recent weeks, as a stronger dollar and the wide interest rate differential with the US continued to weigh on the currency while the Federal Reserve is expected to raise rates later this year.

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