USD/JPY Crumbles to 148 Amidst Japan's Surging Yields and Hawkish US Policy

The USD/JPY pair has dropped to around 148 on Thursday as Japanese yields surged to a new 30-year high.

This comes after Japan's 10-year government bond yield jumped by 8 basis points to 3.055%, marking a significant increase in the country's interest rates.

Fed Governor Michael Barr also signaled that further U.S. rate hikes are likely needed, reinforcing a hawkish policy outlook and supporting the Dollar.