Japanese Yen weakens as Japan’s 10-year yield hits 3% for first time since 1996
USD/JPY trades around 160.05 on Tuesday at the time of writing, gaining 0.19% on the day, as the Japanese Yen (JPY) remains under pressure against the US Dollar (USD).
The Japanese Yen (JPY) weakened against the US Dollar (USD) on Tuesday, trading at 160.05, marking a 0.19% increase for the day. Japan's 10-year government bond yield hit 3%, the highest level since September 1996, driven by inflation fears due to higher energy prices and speculation about a faster interest rate increase from the Bank of Japan (BoJ).
These concerns, coupled with worries about Japan's public finances, limit the Yen's support from tighter monetary policy expectations. Despite statements from US Treasury Secretary Scott Bessent that he anticipates Japan to take steps for a stronger Yen, USD/JPY approached the psychological 160.00 level, indicating that fiscal concerns continue to outweigh hopes for further monetary tightening by the BoJ.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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