Yen Weakens as Fed Holds Rates, Signals One Hike by Year-End

The Japanese Yen depreciated against the US Dollar on Wednesday following a hawkish hold by the Federal Reserve. The Fed kept interest rates unchanged but signaled that most officials anticipate one rate hike before the end of the year.

Additionally, newly appointed Fed Chair Warsh emphasized the central bank's dedication to returning inflation to the 2% target. The stronger dollar weighed on the yen, pushing USD/JPY higher.