Yen climbs on AI concerns

The US dollar fell to its lowest level in three weeks, while the Japanese yen rose to its highest in a month, amid increasing demand for safe-haven assets in financial markets. This was supported by US Treasury yields dropping to their lowest monthly level, as investor concerns grew over a surge in AI-related spending and its potential impact on economic growth. Meanwhile, Brent crude oil prices remained above $110, amid rising energy supply tensions following attacks by the Houthis in Saudi Arabia. This shift reflects global financial and economic uncertainty, with expectations that the Bank of Japan will maintain its policies despite inflation in Japan surpassing analyst forecasts, which could hint at an interest rate hike soon.

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