The Japanese yen is getting crushed – dropped with 0.7% at 118.0250 per dollar as of 7:38 a.m ET.
This happens in the aftermath of the Federal Reserve’s decision to raise rates for the second time this decade.
As most of the market watchers expected, the Federal Reserve decided to raise its benchmark interest rate by 25 basis points to a range of 0.50% to 0.75% just yesterday (Wednesday).
The Federal Open Market Committee (FOMC) noted improvement in the jobs market and the drop in the unemployment rate to a pre-recession low.
Additionally, the committee upped its expectation for the number of hikes in 2017, up to three from the prior forecast of two.