Yen Trampled by ‘Unstoppable’ Dollar Risks Fresh Bout of Selling
- Rising Treasury yields following strong U.S. data weigh on yen
- Dollar’s surge appears unstoppable, Daiwa Securities says
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The yen declined to its lowest in more than four years as upbeat economic data in the U.S. bolstered bets for earlier policy tightening and diverged further from Japan’s easy monetary stance.
Japan’s currency fell to 114.97 per dollar, its lowest since March 2017, to close in on the psychologically important 115 level. The losses were spurred by a sharp rise in the dollar and Treasury yields following a jump in U.S. retail sales by the most since March.