The yen sinks to a 10-month low
The currency is down by 0.5% at 114.62 per dollar as of 8:31 a.m. ET.
The yen has been weakening against the dollar since early November as the election of Donald Trump has ignited a broad-based US dollar rally.
"The rising yields and equity markets weigh on the yen," wrote Marc Chandler, global head of currency strategy at Brown Brothers Harriman, in commentary.
Friday "could be the first session the dollar has spent entirely above JPY 114 since February," he added.
Earlier in the morning, the yen dipped below 115 per dollar.
Looking forward, a Morgan Stanley team led by Hans W. Redeker wrote that they think the dollar will continue appreciating against the yen.
"International USD shortages may become a more pressing issue going into the New Year, suggesting rising USD funding costs," they wrote in a note. "Currency hedges may become too expensive, but with the US capital markets staying attractive, we expect the USD to move higher against foreign-asset-holding currencies such as the JPY."
- I'm an interior designer. Here are 10 things in your living room you should get rid of.
- A software engineer shares the résumé he's used since college that got him a $500,000 job at Meta — plus offers at TikTok and LinkedIn
- Higher-paid employees looking for work are having a tough time, and it could be a sign of a shift in the workplace
- Apple clinches strong double-digit growth in India; CEO says incredibly exciting market
- Nifty hits record peak in early trade; Bajaj Finance jumps 6%
- Carbon Credits and Trading
- Rupee jumps 9 paise to 83.37 against US dollar in early trade
- Top 10 destinations to visit in India for nature and wildlife lovers in 2024