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Yen rebounds after hitting 34-year low past 160 per dollar
The yen surged after diving to a new 34-year low past 160 per dollar on Monday as a forecast-beating US inflation reading dented expectations for Federal Reserve interest rate cuts this year. That, along with push-back by US Federal Reserve decision-makers warning against cutting too soon, has led investors to revise their outlook for how many reductions there would be this year.