Yen Hits 24-year Low Against Dollar

On Monday, the Japanese yen fell to a 24-year low against the dollar. The dollar reached a high of 135.22 yen, its highest level since October 1998. The policy gap between foreign central banks and the Dovish Bank of Japan (BOJ) becomes more apparent.

Efforts by central banks to raise interest rates to reduce inflation will be in focus this week. 

The Federal Reserve and the Bank of England are expected to raise rates in their meetings and the Swiss National Bank is likely to do the same.

Little change is expected, however, from the BoJ, which said on Monday it would buy Japanese government bonds worth 500 billion yen ($3.70 billion) on Tuesday as part of its policy to lower the benchmark 10-year yield to 0.25 of its 0%. be kept within percentage marks. 

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In contrast, the benchmark US 10-year yield touched 3.2% early Monday, up nearly 12 basis points on Friday. US inflation shook hopes on Friday that the Fed will have to raise rates even more aggressively. 

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