Yen Rallies to ¥158 per Dollar as BOJ Rate-Hike Bets Strengthen

Japan’s yen strengthened to the low ¥158 range against the U.S. dollar on Thursday, gaining more than one yen after trading above ¥160. The country’s 10-year government-bond yield fell back into the 2.9% range after reaching 3% two days earlier. Bank of Japan board member Hajime Takata said policy should respond nimbly to changing conditions rather than remain bound by previous rate-hike intervals or increments. His official remarks called for further gradual increases while the bank gauges financial conditions ahead of its September 17-18 policy meeting.