The Japanese yen exchange rate today rose to a two-week high. The dollar/yen exchange rate fell 0.4% to 145.75 yen per dollar on the international forex market. The dollar has fallen against the yen for the third straight day.

The Japanese currency strengthened by more than 4% against the thirty-year low, reached in trading on Friday, October 21, at 151.9 yen per dollar.

USD to YEN exchange rates are declining as bidders are betting that the U.S. Federal Reserve (Fed) will slow the pace of rate hikes amid signs that the U.S. economy is starting to slow; Bloomberg writes.

“The dollar/yen exchange rate at 151.95 could be the peak for the currency’s recent moves,” said Yuji Saito, senior advisor in Credit Agricole’s Global Market Department. “What’s going to happen with U.S. monetary policy is the main driver, the main direction of the move.”

According to Tiyuki Takamatsu, chief economist at Fukoku Mutual Life Insurance, Japan’s currency could continue to fall to new lows. The Japanese yen could fall to 170 yen per dollar as long as the Bank of Japan sticks to its ultra-soft monetary policy, Takamatsu predicts.

Earlier we reported that the U.S. dollar is weak against major currencies.