Yen resumes gains driven by hawkish Bank of Japan

The Japanese yen rose in the Asian market on Monday against a basket of major and minor currencies, resuming its gains that temporarily paused on Friday against the US dollar, to approach its four-week high once again, driven by hawkish comments from some Bank of Japan officials.

• The yen ended Friday's trading down by 0.25% against the dollar, marking its first loss in three days due to correction and profit-taking, after earlier hitting a four-week high of 155.29 yen.

Bank of Japan: BOJ Governor Kazuo Ueda said last week on the sidelines of the G20 meeting in the United States that the bank would discuss raising interest rates, including during the September meeting, focusing on whether inflation risks are escalating.

BOJ board member Hajimi Takata said that monetary policy should be more flexible in raising interest rates to counter rising inflationary pressures, rather than adhering to a fixed schedule for hikes.

Outlook for the Japanese Yen: We at "FX News Today" expect the yen to continue moving in positive territory against the US dollar. It may benefit from thin liquidity resulting from the closure of US markets for a public holiday, achieving further gains and recording new multi-week highs.

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