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Yen Rises as BOJ Policy Change Sparks Optimism, Dollar Slips Again

The greenback fell to a seven-month low against major currencies today, while the yen rose to an over seven-month peak, as traders were optimistic that the Bank of Japan may make further changes to its gain control policy at its meeting this week.

The yen jumped roughly 0.5% to a high of 127.215 per dollar, and last bought 127.67 per dollar. Investors have been pressing for the BOJ to shift away from its ultra-easy monetary policy, which caused the yield on Japan's benchmark 10-year government bonds to breach the central bank's new ceiling for two sessions.

On the other hand, the Fed's aggressive rate helped increase have been a huge driver of the greenback's 8% surge last year. But, With decades-high inflation in the world's largest economy showing signs of cooling, investors are now more confident that the Fed is nearing the end of its rate-hike cycle, and that rates would not go as high as previously feared.

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