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REUTERS/Kim Kyung-Hoon/File Photo Examples of Japanese yen banknotes are displayed at a factory of the National Printing Bureau producing Bank of Japan notes at a media event in Tokyo, Japan, November 21, 2022.
Jiji Press
17:59 JST, October 23, 2024
TOKYO (Jiji Press) — The dollar rose above ¥152 to hit another three-month high in Tokyo trading on Wednesday, backed by higher U.S. Treasury yields.
At 5 p.m., the U.S. currency stood at ¥152.35-35 , up from ¥151.00-01 at 5 p.m. Tuesday.
Dollar buying was prompted by a widening interest rate gap between Japan and the United States, as Treasury yields rose amid growing views that former U.S. President Donald Trump is more likely to win next month’s presidential election. Trump’s victory is expected to worsen the U.S. fiscal situation and increase inflationary pressures.
“There are moves to price in Trump’s presidential victory,” said an official at a major brokerage firm.
