The dollar climbed to a more than one-week high versus the yen on Wednesday, buoyed by higher Treasury yields amid hopes for a strong rebound in Chinese growth as COVID-19 curbs loosen.
U.S. one hundred dollar notes are seen in this picture illustration taken in Seoul February 7, 2011. REUTERS/Lee Jae-Won
The greenback dropped as low as 130.58 yen that day for the first time since early August as traders speculated about an eventual withdrawal of stimulus.from the meeting though, released Wednesday, showed policymakers backing a continuation of ultra-accommodative policy, even as they discussed growing prospects the country could see higher wage growth and sustained inflation next year.
The 10-year Treasury yield , which tends to have a high correlation with the dollar-yen pair, was at 3.8506% in Tokyo, not far from the 1 1/2-month high of 3.862% reached overnight. Fed officials including Chair Jerome Powell though have stressed since then that policy tightening will be prolonged, with a higher terminal rate, fueling worries of a U.S. slowdown.
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