Yen Surges Amid Oil Price Rise, Brent Crude Nears $100 Mark
Brent crude oil is nearing $100 per barrel due to escalating Middle East conflict and rising fears of supply disruptions.
The yen, however, is defying conventional trends by continuing its push to seven-month highs versus the dollar despite higher oil prices.
This unusual strength in the yen is being driven by expectations of accelerated Bank of Japan rate hikes and massive short-covering.