USD/JPY extends its decline for the third straight session on New Year's Eve, trading around 156.20 during early European hours on Tuesday.

However, the Japanese Yen (JPY) is heading for a more than 10% decline in 2024, marking the fourth consecutive year of weakness against the US Dollar (USD).

The decline in the USD/JPY pair was driven by a rise in the Japanese Yen (JPY) as traders continued to assess market sentiment that the Bank of Japan (BOJ) might hike interest rates in January following the release of the Tokyo Consumer Price Index (CPI) inflation data last week.

Source: FXStreet