Yen Value Hits Another Yearly Low... Approximately 149.8 Yen per Dollar

Lowest in about 11 months
10-year government bond yield hits highest level

The value of the yen hit a new yearly low. It surpassed the 150-yen mark, which was broken last October, and recorded levels in the 140-yen range.

According to reports from Nihon Keizai Shimbun (Nikkei) and Kyodo News on the 2nd, the yen/dollar exchange rate briefly reached about 149.8 yen per dollar during trading in the Tokyo foreign exchange market.

The yen's value against the US dollar fell to its lowest point this year, marking the lowest level in about 11 months since late October last year when it broke through 150 yen per dollar.

[Image source=Yonhap News]

Nikkei interpreted the depreciation of the yen as deepening due to the market trend of buying dollars and selling yen amid rising long-term US interest rates.

The current value of the yen is even lower than when the Japanese government intervened directly in the market for the first time in about 24 years last September by selling dollars and buying yen (at 145.9 yen per dollar).

On this day in the Tokyo bond market, the yield on the 10-year government bond, a key indicator representing long-term interest rates, rose to 0.775% at one point. This is the highest level in 10 years and 1 month since September 2013. Bond prices move inversely to interest rates.

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