TOKYO, June 29 (Xinhua) -- The Japanese yen weakened to its lowest level against the U.S. dollar in nearly 39 and a half years on Monday, as expectations of further U.S. interest rate hikes continued to weigh on the Japanese currency, local media reported.
The yen briefly fell to the 161.90 range against the U.S. dollar during trading in New York, marking its weakest level since December 1986, public broadcaster NHK reported.
The yen remained under pressure as investors continued to sell the Japanese currency and buy the dollar amid growing expectations that the U.S. Federal Reserve will further raise interest rates, the report said.
Market participants also focused on the prospect of a widening interest rate gap between the United States and Japan, reinforcing demand for the dollar and putting additional downward pressure on the yen. ■