The yen surged to its highest level in a year, trading at 140.690 against the dollar, as markets brace for a potential surprise from the Federal Reserve's upcoming interest rate decision. Investors are increasingly betting on a more aggressive 50-basis-point rate cut instead of the expected 25-basis-point reduction, driving the dollar down 0.10% and rattling currency and futures markets. The Bank of Japan's impending rate decision, along with a narrowing gap between U.S. and Japanese interest rates, has also fueled the yen’s rise, triggering significant unwinding of yen-funded carry trades. Source: Cryptopolitan