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  • By The Financial District

Dollar Tops 125 Yen For First Time Since August 2015

The US dollar surged against the yen on Monday, Mar. 28, 2022, topping the 125 yen line for the first time since August 2015 after the Bank of Japan (BOJ) announced an emergency bond-buying operation while the Nikkei stock index ended lower, snapping a nine-day winning streak.


Photo Insert: At 6 p.m., the dollar fetched 124.68-69 yen compared with 122.05-15 yen in New York and 121.73-75 yen in Tokyo at 5 p.m.



The dollar rose sharply from the lower 122 yen range in the morning after the BOJ's operation increased expectations of a widening interest rate gap between the US and Japan, Mainichi Japan reported early on Mar. 29.


The US currency eclipsed the 125 yen mark in the evening. At 6 p.m., the dollar fetched 124.68-69 yen compared with 122.05-15 yen in New York and 121.73-75 yen in Tokyo at 5 p.m. Friday.



The euro was quoted at $1.0990-0992 and 137.02-06 yen against $1.0976-0986 and 134.14-24 yen in New York and $1.1022-1024 and 134.17-21 yen in Tokyo late Friday afternoon.


The BOJ's offer in the morning and the afternoon to purchase an unlimited amount of the 10-year Japanese government bonds at a fixed rate came as the yield neared the upper target set by the central bank of around 0.25 percent late last week.


All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

But the yield on the 10-year bond rose 0.015 percentage points from Friday's close to 0.250 percent, its highest closing level since January 2016, tracking a rise in US Treasury yields.


Market participants sought the dollar on the back of contrasting approaches by the BOJ and the US Federal Reserve, which decided this month to raise key interest rates for the first time since 2018 and signaled six more rate increases this year to tame high inflation.



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