The Japanese yen hit a 20-year low against the dollar on Tuesday, supported by high U.S. Treasury yields and likely comparatively good U.S. economic data this week.
It has risen 4.5% on the Japanese currency so far this month, which would be its second-biggest monthly percentage gain since 2016 behind March's 5.8%.The dollar was also firm against most other currencies and the dollar index was at 100.8, just off Monday's two-year high of 100.86.
"I think the broad dollar trend reflects U.S. economic outperformance, while we've seen some initial impacts of higher energy prices from the Ukraine war elsewhere, especially in the euro zone," said Carol Kong, FX strategist at Commonwealth Bank of Australia.
Japan was watching how the weakening yen may affect the economy, as stability in the currency market was important, Finance Minister Shunichi Suzuki said on Tuesday, reiterating earlier remarks by several politicians and officials. The euro was at $1.0776, testing last week's two-year low of $1.0756, and sterling was also soft at $1.3006, not helped by the latest fighting in Ukraine.Elsewhere, the Australian dollar edged up from Monday's one-month low and was at $0.7355.
Bitcoin also managed to find its feet, trading around $40,800 on Tuesday after hitting a one-month low of $38,547 on Monday.Reporting by Alun John; Editing by Stephen Coates
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