The yen reached a 10-week high against the dollar, and Chris Turner, an analyst at ING Bank, said in a note that the yen could strengthen further if upcoming inflation data supports market expectations for further rate hikes by the Bank of Japan. The data showed that the market expected a higher probability of the Bank of Japan raising interest rates in July, but did not fully factor in the 25 basis point rate hike expectation until September. Mr. Turner said it was surprising that the yen had reacted so strongly to these "relatively modest interest rate movements". However, while the Japanese inflation data is likely to push the dollar/yen further down in the short term, the dollar/yen exchange rate is not expected to fall significantly.