Yen Falls Back Against Dollar as US Long-Term Yields Surge

The yen fell back against the dollar in Tokyo foreign exchange trading on September 29, ending a three-session winning streak.

The dollar-yen pair was trading at 157.37-41, representing a 15-17 sen decline for the yen from the same time the previous day.

This decline came as U.S. long-term yields rose on concerns over fiscal policy and inflation, prompting yen selling and dollar buying due to the widening Japan-U.S. interest rate differential.

U.S. long-term yields touched 5.27%, their highest level since June 2007, with expectations of additional rate hikes by the Federal Reserve underpinning the dollar.