Yen Tumbles Amid Rising Oil Prices and Widening US Interest Rates
The yen weakened in New York trading on October 10th as rising crude oil prices heightened concerns about accelerating inflation and lifted U.S. long-term interest rates.
Rising oil prices led to a surge in interest rates, which widened the interest rate differential between Japan and the United States. This sparked yen selling and dollar buying, dominating trading.
The Japanese currency fell to a lower 154 range against the dollar, trading at 154.36-46 yen per dollar as of 5:00 p.m., down 0.88 yen from the previous day's closing price.