The dollar touched its highest in over a week against the yen on Wednesday, boosted by a jump in Treasury yields and by anticipation among investors of a rebound in Chinese growth as COVID-19 curbs loosen.
U.S. one hundred dollar notes are seen in this picture illustration taken in Seoul February 7, 2011. REUTERS/Lee Jae-Won
That day, the yen staged its biggest one-day rally against the dollar in 24 years, closing 3.8% higher on the day, as traders speculated about an eventual unwinding of stimulus.from the meeting though, released Wednesday, showed policymakers backing a continuation of ultra-accommodative policy, even as they discussed growing prospects the country could see higher wage growth and sustained inflation next year.
The 10-year Treasury yield , which tends to have a high correlation with the dollar-yen pair, was at 3.8316%, down 3 basis points, having hit a six-week high of 3.862% the previous day. "With infection levels running at many thousands per day, it’s little wonder that China’s COVID response should top many analysts’ list of concerns about 2023," David Cottle, an analyst at DailyFX, said.
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