The yen has come under significant pressure, falling to approximately 157.88 against the dollar, as the U.S. currency strengthens following higher-than-expected inflation data. Mitsubishi UFJ analyst Michael Wan highlighted that the yen is the most affected currency amid the dollar's rise, nearing its May 6 high.
Market expectations have shifted towards a more hawkish Federal Reserve policy, with traders anticipating about 20 basis points of rate hikes over the next year. This has driven the 10-year U.S. Treasury yield to its highest level since July last year, while the 30-year yield has surpassed 5%.
Yen Weakens as Dollar Gains on U.S. Inflation Data
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