The yen briefly breached the key level of 150 against the dollar as traders positioned for a stronger likelihood of the Bank of Japan raising interest rates in December while the Federal Reserve cuts US borrowing costs.

The Japanese yen rose to a six-week high against the dollar Friday. While trading was thin because of the Black Friday holiday in the U.S., the moves are still worth watching after volatility in the Asian currency sparked market turmoil earlier this year.

The yen surged to a six-week high against the U.S. dollar following unexpectedly fast inflation in Tokyo, prompting speculation of a Bank of Japan rate hike. Meanwhile, the dollar weakened against most major currencies amid low trading activity due to the U.