USD/JPY briefly reached the 158.50 level, setting a new high for the day in New York trading

The story

In early New York trading, USD/JPY continued its gradual rise and briefly set a new high for the day at the 158.50 level. UK gilt yields rose after the Bank of England's rate hike, apparently supporting an increase in US Treasury yields and creating buying pressure on the dollar.

The market was displaying 158.49 as the USD/JPY rate, and USD/JPY continued to trade near its high.

At a glance

EventUSD/JPY rose temporarily to the 158.50 level

DateThe gradual upward movement continued in early New York trading

CauseUK gilt yields rose after the Bank of England raised interest rates

CauseThe rise in UK gilt yields supported an increase in US Treasury yields

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