The dollar’s ascent, buoyed by rising Treasury yields, pushed the yen toward its lowest levels since July on Monday at around 158 per dollar.
The US currency fell against the yen on Tuesday, however, and was last down 0.14 per cent at 156.65 yen. Nonetheless, the yen was on course for a 10 per cent drop in 2024, its fourth straight year of decline against the dollar.
Japanese markets are closed for the rest of the week, and with most markets closed on Wednesday for the New Year’s Day holiday, volumes are likely to be razor thin.
The dollar index, which measures the US currency versus six other major units, was down 0.12 per cent at 107.92, just off a twoyear high. The index has risen 6.6 per cent in 2024 as traders have cut back on bets of deep rate cuts next year.
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