In morning trading in London, dollar-yen rose temporarily to around 158.80, up about ¥1 from the Tokyo low of around 157.80. Euro-yen and pound-yen also extended their gains.
In the London morning session, dollar-yen remained firm, setting a new high of around 158.80. This was about ¥1 above the low of around 157.80 reached before noon in Tokyo.
Amid selling pressure on the yen, euro-yen rose from a low of around 179.51 to a high of around 180.62, while pound-yen rose from a low of around 208.78 to around 210.07.
NY crude oil futures briefly rose as high as $94.69 before correcting to around $93.60. The U.S. 10-year Treasury yield rose to 5.1474% and is currently trading at 5.1372%. Higher oil prices and Treasury yields are pushing dollar-yen higher.
Iran’s Fars News Agency reported that Iranian officials said the confrontation with the United States could escalate further, indicating that geopolitical risks are rising again.
Finance Minister Katayama (片山) said that the principle in place since the coordinated intervention remains in effect, but pressure for yen appreciation from intervention concerns was effectively offset by selling pressure on the yen associated with higher oil prices.