Yen rallies past 145 as dollar tumbles to 3-year low

The Japanese yen rallied past the 145 mark on Thursday, lifted by a sharp decline in the US dollar and receding geopolitical tensions. The dollar index plunged below 97, its weakest level in over three years, as hopes for Fed rate cuts gained traction and concerns mounted over Americas fiscal trajectory. Global risk appetite improved after a ceasefire between Iran and Israel appeared to hold, with high-level US-Iran talks expected next week. Domestically, the Bank of Japans latest policy outlook struck a dovish chord, reinforcing its commitment to ultra-loose monetary settings.

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