The Japanese yen strengthened to around 160.28 per dollar on Wednesday, snapping a three-session losing streak as stronger trade data and the Bank of Japan's latest rate hike boosted sentiment. Japan's exports surged 17% year-on-year in May, marking the fastest growth since November 2022 and highlighting resilient demand for automobiles and semiconductors. Support for the currency was further reinforced after the Bank of Japan raised its policy rate by 25 basis points to 1%, signaling continued efforts to curb inflation and stabilize the yen. Meanwhile, investors remained cautious ahead of the Federal Reserve's policy decision and key US economic data releases and upcoming US retail sales and housing data for fresh clues on the strength of the economy.
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