In the New York market, the yen briefly fell to the lower ¥160s against the dollar, as expectations of a Federal Reserve rate hike and selling of Japanese government bonds weakened the yen. In morning trading, the dollar rose to ¥160.13–160.23.
In the New York foreign exchange market on the 1st, the yen fell against the dollar, briefly reaching the lower ¥160s per dollar. The move was driven by rising U.S. long-term interest rates and expectations that the Federal Reserve will decide to raise interest rates this month.
Selling of Japanese government bonds on concerns over the expansionary fiscal policy advocated by the Takaichi administration also prompted yen selling. The yen is continuing to weaken from the previous day’s level at the time of writing.
As of 8:40 a.m., the dollar was trading at ¥160.13–160.23, while the euro was at $1.1585–1.1595, or approximately ¥185.61–185.71.