Forex
Dollar-Yen Holds Firm Amid Rising US Yields
The dollar-yen pair traded steadily in the upper 157 range on February 22nd as rising U.S. long-term yields drove dollar buying in the New York foreign exchange market.
The U.S. 10-year Treasury yield climbed into positive territory, reaching a 4.97% range, and prompted dollar demand in the market.
Despite caution over potential yen-buying intervention by Japanese currency authorities capping the upside, the dollar-strengthening trend persisted.