The yen is on track for its fourth straight weekly gain against the dollar as spending data on Friday added to signs that the Bank of Japan will raise interest rates again.
After a sharp decline at the end of last week, the yen began rallying Monday when it showed haven appeal on broad dollar strength amid U.S. President Donald Trump’s tariff threats. Gains gathered momentum Wednesday when Japan’s wage growth jumped by the most in nearly three decades, and accelerated further Thursday as a BOJ hawk said that borrowing costs should be doubled to at least 1% by the end of March 2026.
The Japanese currency rose on Friday by as much as 0.3% to ¥150.96, its strongest level versus the dollar since Dec. 10, before weakening to ¥151.53 as of 12:15 p.m. in Tokyo. It’s rallied more than 2% this week, heading for the biggest gain since late November.
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