Forex
Dollar-Yen Surges as US Yields Hit 19-Year High
The dollar-yen pair surged to an intraday high of 158.31 yen on September 23, as the U.S. 10-year Treasury yield climbed to its highest level in about 19 years.
The yield rose to around 5.0520%, a significant increase from previous levels, prompting broad-based dollar buying across the board.
The upward trend continued throughout the day, with the dollar-yen pair pushing higher as European trading hours began.
The rise in U.S. interest rates also lent support to the dollar, with the EUR/USD falling to a fresh intraday low of 1.1391 dollars.