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    • Yen Nears 40-Year Low as Dollar Strengthens on Rising Oil Prices

    By on July 22, 2026
    Yen
    Yen

    Yen Nears Four-Decade Low as Dollar Strengthens

    Singapore: The Japanese yen weakened today, trading near its lowest level in almost four decades as the US dollar strengthened on the back of rising oil prices and higher US Treasury yields, prompting market speculation over possible intervention by Japanese authorities.

    The yen touched 163.24 against the US dollar during trading in New York, its weakest level since late 1986, before stabilising at 163.21 in early Asian trading.

    The dollar gained broadly against major currencies, briefly pushing the euro below $1.14, while maintaining its strength amid rising geopolitical tensions and higher energy prices.

    The euro was last trading at $1.1401, while the Australian dollar remained above 70 US cents. The New Zealand dollar also held steady at $0.5825, just above its 200-day moving average.

    Sterling fell below its 200-day moving average to $1.3385, as investors assessed the United Kingdom’s fiscal outlook.

    In commodity markets, Brent crude futures climbed to a six-week high of $91.99 per barrel, while US Treasury yields continued to rise.

    The yield on the 30-year US Treasury bond reached 5.15 percent, its highest level in two months, while the benchmark 10-year Treasury yield remained around 4.64 percent, adding further pressure on the Japanese currency.

    Analysts attributed the yen’s prolonged weakness to Japan’s low interest rate environment and ongoing concerns over the country’s fiscal position.

    Japan previously intervened in the foreign exchange market during April and May after the dollar surpassed the 160-yen level in an effort to support its currency.

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