The yen fell to around ¥159 per dollar as the yield on 30-year U.S. Treasuries rose to its highest level in 22 years. Demand for the dollar strengthened as expectations of additional interest-rate hikes by the Federal Reserve increased.
In the New York market on the 24th, the yen temporarily fell to around ¥159 per dollar. Expectations of additional interest-rate hikes by the Federal Reserve increased, prompting notable selling of the yen and buying of the dollar.
At the same time, the yield on 30-year U.S. Treasuries, an indicator of long-term U.S. interest rates, reached its highest level in 22 years, and investors are closely watching interest-rate trends.
The foreign-exchange market is expected to continue moving based on developments in U.S. interest rates and the market’s interest-rate outlook.
Against the backdrop of changes in U.S. monetary policy and global interest-rate conditions, this move suggests that the supply-demand balance between the dollar and yen may be reconfigured.