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Dollar Rises to Touch 108 Versus Yen for First Time Since July By

© Bloomberg. Japanese yen and U.S. dollar banknotes are arranged for a photograph in Tokyo, Japan on Sunday April 14, 2019. U.S. Treasury Secretary Steven Mnuchin said he wanted a currency clause in a trade deal with Japan to prevent deliberate manipulation of the yen to bolster exports, Japanese public broadcaster NHK said. Photographer: Keith Bedford/Bloomberg

(Bloomberg) — The dollar rose to an eight-month high against the yen amid broad strength in the greenback and rising U.S. Treasury yields.

The dollar touched 108 versus the yen at about 7:51 a.m. in Tokyo.

The dollar-yen pair has been buoyant since the start of the year, gaining about 4.6% as investors position for economic growth and reflation in the U.S.

Advances in U.S. bond yields also tend to attract demand from Japanese investors, which adds to downward pressure on the yen and dollar purchases.

©2021 Bloomberg L.P.

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