Dollar Tops 152 Yen to Hit Another 3-month High

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.