The US dollar settled near its highest level in about 38 years against the yen on Tuesday after US Treasury yields rose, as investors considered the possibility of Donald Trump winning the US presidency again. It remained close to its overnight high of 161.70 yen, a level not seen since December 1986.
Later today, US Federal Reserve Chairman Jerome Powell will speak at an event hosted by the European Central Bank, highlighting the path of US monetary policy in a week that will feature many closely-watched employment reports.
The yield on the benchmark 10-year Treasury note rose about 14 basis points to 4.479% at the start of the week, as the dollar-yen pair is highly sensitive to US yields. The yen’s weakness has led to heightened alertness among traders anticipating Japanese intervention after authorities spent about 9.8 trillion yen ($60.65 billion) in the days from late April to early May when the currency fell to 160.82 yen per dollar. Meanwhile, stocks were broadly mixed across Asia.
Asian stocks began Tuesday with a weak performance lacking a general direction. Banks helped lift Japan’s Nikkei index by 0.6% amid rising local bond yields, and real estate stocks supported Hong Kong’s Hang Seng index, which rose by 0.3%.
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