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In face of a possible interest rate hike, the US dollar rallied leading to a downturn for some market sectors.
Against the yen, the USD hit a day-high of as much as 2.5% on Monday, reaching its highest level since August 2015, and being the largest 1-day soar since March 2020.
Markets across Asia dropped sharply on Thursday following further indications of the Federal Reserve’s hawkish turn. Many are concerned about the shift in American monetary policy’s potential implications for stocks in Asia.
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