FX Signals on Japanese Yen falls to lowest level since

HONG KONG (Reuters) – Live FX Signals – Open Forex Account – The yen tumbled to its lowest against the dollar in 24 years on Monday, as the gap between Japanese and U.S. benchmark yields widened after red hot U.S. inflation data drove U.S. Treasury yields higher.

The dollar rose as high as 135.22 yen, its highest since October 1998, having gained for each of the past seven sessions, as the policy divergence between hawkish central banks overseas and the dovish Bank of Japan (BOJ) becomes ever more apparent.

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Central banks’ efforts to raise interest rates to curtail inflation will remain in focus this week. The Federal Reserve and the Bank of England are expected to raise rates at their meetings and there is a chance the Swiss National Bank will do the same.

Little change is expected from the BOJ, however, which said on Monday it would buy 500 billion yen ($3.70 billion) of Japanese government bonds on Tuesday as part of its policy to keep benchmark 10-year yields within 0.25 percentage points of its 0% target.

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In contrast, the benchmark U.S. 10-year yield touched 3.2% early on Monday, having gained nearly 12 basis points on Friday.

The U.S. two-year yield extended Friday’s gains to touch 3.194%, its highest since late 2007.

FX Signals on Japanese Yen falls to lowest level since

U.S. inflation beat expectations on Friday driving bets that the Fed will have to raise rates even more aggressively. Market pricing indicates roughly a two-thirds chance of at least 125 basis points of increases across the Fed’s next two meetings – on Tuesday and Wednesday this week and in July – according to the CME’s FedWatch tool.

That implies at least one increase of 75 basis points, which would be the biggest single-meeting raise since 1994.

Higher energy prices have also hurt Japan’s balance of payments, weighing on the yen.

FX Signals on Japanese Yen falls to lowest level since

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FX Signals on Japanese Yen falls to lowest level since

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