{"id":3424,"date":"2026-07-01T09:38:33","date_gmt":"2026-07-01T09:38:33","guid":{"rendered":"https:\/\/reliablemovingcrews.com\/?p=3424"},"modified":"2026-07-01T09:38:33","modified_gmt":"2026-07-01T09:38:33","slug":"yen-sinks-to-40-year-low-as-dollar-rally-gets-yield-boost","status":"publish","type":"post","link":"https:\/\/reliablemovingcrews.com\/?p=3424","title":{"rendered":"Yen sinks to 40-year low as dollar rally gets yield\u00a0boost"},"content":{"rendered":"<div>\n<div>\n<div>\n<ul>\n<li>Summary<\/li>\n<\/ul>\n<\/div>\n<div><\/div>\n<\/div>\n<div>SINGAPORE\/LONDON, July 1 (Reuters) &#8211; The dollar hit a 40-year high against the yen on \u200bWednesday as a sharp rise in U.S. Treasury yields boosted the currency ahead of U.S. jobs data that \u200ccould strengthen the case for a Federal Reserve rate hike this month.<\/div>\n<div>The dollar rose as high as 162.84 yen , well above levels that prompted Japanese authorities to intervene a few weeks ago to support the struggling currency. It was last at 162.71 yen, up 0.1% on the day.<\/div>\n<div>&#8220;We believe we are \u200bclose to potential action,&#8221; said Chidu Narayanan, head of macro strategy for APAC at Wells Fargo, referring to the \u200blikelihood of another intervention.<\/div>\n<div>&#8220;We are at crucial levels, not necessarily in terms of a target spot level, \u2060but levels where the (Ministry of Finance) might need to intervene to retain its credibility.&#8221;<\/div>\n<div>Traders see Friday&#8217;s U.S. public holiday as a \u200bpotential window for Tokyo to buy yen, with thinner liquidity likely to amplify the impact of any intervention.<\/div>\n<div>Japan&#8217;s top currency diplomat said intervention \u200btwo months ago to support the yen had been effective, and that some U.S. officials had been &#8220;supportive&#8221; of the move, Bloomberg News reported on Wednesday.<\/div>\n<div>Joey Chew, head of Asia FX at HSBC, said Japan&#8217;s Ministry of Finance appeared more tolerant of yen weakness than in the past. Factors include broad-based \u200bdollar strength against major currencies and falling oil prices, which have eased pressure on the Bank of Japan to curb inflation.<\/div>\n<div>She said \u200bthe ministry could also be waiting for a downside surprise in Thursday&#8217;s U.S. jobs report that might weaken the dollar, or could be &#8220;baiting speculative \u200cyen \u2060positioning to build to even more extreme levels so as to enhance the impact of its intervention&#8221;.<\/div>\n<div>Elsewhere, the dollar gained against a range of currencies, supported by a sharp rise in U.S. Treasury yields.<\/div>\n<div>The euro fell 0.14% to $1.1404, while sterling eased 0.2% to $1.324. Against a basket of currencies, the dollar steadied at 101.31.<\/div>\n<div>A selloff in U.S. Treasuries on Tuesday pushed the benchmark 10-year yield up as \u200bmuch as 9 basis points before \u200bit backed off the \u2060highs. By Wednesday, yields were rising again, up 4 bps at 4.465%, outpacing increases in euro zone bond yields.<\/div>\n<div>Analysts said there was no clear catalyst for the move, though month-end positioning may have \u200bplayed a role.<\/div>\n<div>Ahead of Thursday&#8217;s non-farm payrolls report, data overnight showed U.S. job openings rose to \u200ba two-year high in \u2060May, though sluggish hiring weighed on consumers&#8217; perceptions of the labour market.<\/div>\n<div>Traders now see a 67% chance of a Fed rate hike in September, up from 20.5% a month ago, according to the CME FedWatch tool.<\/div>\n<div>Attention later in the day will turn to Fed Chair Kevin \u2060Warsh&#8217;s appearance \u200bat the European Central Bank Forum on Central Banking in Portugal.<\/div>\n<div>&#8220;There&#8217;s probably as \u200bmuch focus on whether he might say anything, but I think he probably won&#8217;t, given his lack of interest in offering any forward guidance (in June),&#8221; Ray Attrill, \u200bhead of FX strategy at National Australia Bank, said.<\/div>\n<\/div>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=3423\">Morning Bid: That\u2019s a lot of meat to digest<\/a><\/p>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=3422\">Investors warm to European stocks eclipsed by Wall Street\u2019s AI glow<\/a><\/p>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=3420\">Share and bond markets turn hesitant, dollar muscles yen<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The dollar hit a 40-year high against the yen on \u200bWednesday as a sharp rise in U.S. Treasury yields boosted the currency ahead of U.S. jobs data that \u200ccould strengthen the case for a Federal Reserve rate hike this month.<\/p>\n","protected":false},"author":1,"featured_media":407,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[38],"class_list":["post-3424","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-currencies"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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