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Dollar hits 40-year high versus yen
The US dollar has risen significantly, benefiting from the increase in Treasury bond yields, leading to a historic decline in the Japanese yen to its lowest level in 40 years, with a record low of 162.77 yen against the dollar. Japanese authorities are approaching market intervention to halt the currency’s deterioration, especially with the upcoming US public holiday, which may present an opportunity for yen buyers. This situation coincides with rising prospects of a US interest rate hike to its highest level in two years, as consumers significantly expect US employment opportunities to increase.
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