Yen slides through 120 as U.S. hike path steepens

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Reuters UK

By Tom Westbrook SINGAPORE (Reuters) – The dollar was buttressed by new bets on U.S. rate hikes on Tuesday, while investors unloaded yen and sent it spearing below the psychological 120 level as the Bank of Japan looks increasingly isolated in its dovish policy stance. The yen fell 0.8% and hit a six-year low of 120.46 in the Tokyo afternoon, having lost more than 4% on the dollar this month as leaping U.S. yields and a deteriorating trade balance suck cash from the world’s third-biggest economy. Yen crosses also suffered, with the euro making a five-week high of 132.33, while the Japanese cur…

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