Forex
Yen Surges as Oil Prices Near $100 and Tensions Escalate
The Japanese yen has strengthened to its strongest level since February, reaching a high of 153.65 against the US dollar on Wednesday.
This comes as the US dollar faces pressure due to surging oil prices and escalating tensions in the Middle East.
Brent crude futures climbed over 1.48% to $99.37 a barrel amid a fresh escalation in regional hostilities, with Iran-backed Houthi forces launching attacks on several Saudi cities.
The yen's strength has put pressure on carry trades, which involve borrowing in low-yielding currencies like the yen to invest in assets offering higher returns.