Reported 9 months ago
The U.S. dollar climbed to a near four-decade high against the Japanese yen, hitting 161.155 yen per dollar, the weakest level since 1986. Despite solid consumer price gains in Tokyo and a drop in U.S. yields, the yen has been on a downward trend, down 6% against the dollar for the quarter and 12% for the year. The yen's decline is attributed to low interest rates in Japan prompting a 'carry trade' and expectations of minor interest rate hikes later in 2024. Other currencies like the euro, sterling, Australian dollar, and New Zealand dollar also saw fluctuations against the dollar, with the U.S. dollar index rising 1.5% quarterly.
Source: YAHOO