USD/JPY: The dollar stays above 144.00 yen as traders watch the Fed's measure of inflation

The dollar is back on the attack, and the weakening of the Japanese yen isn't doing much to stop the dollar's fall.

Early this morning, the USD/JPY exchange rate reached 144.00. The dollar keeps going up, while the Japanese yen is easily falling to a low that hasn't been seen since November of last year. The pair hit a high of 144.20 during the day and is on track to end a second day in the black.

Traders are getting ready to hear the latest information about inflation. The Federal Reserve's favourite way to measure inflation will be made public on Friday. On a monthly level, the personal consumption expenditures index, or PCE, is likely to have stayed the same at 0.4% in May.

The big picture: so far this year, the value of the yen has been going down because of the dollar. Early in January, the lowest point for the dollar was 127.21. Since then, the USD/JPY has gone up by more than 13%, or 1,713 pips, to where it is now.