Japanese yen sinks to fresh 38-year low against US dollar

03:31

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Japanese yen sinks to fresh 38-year low against US dollar

The US dollar surged to a fresh 38-year high against the Japanese yen, as Treasury yields rose sharply. The yen sank to 161.72 per dollar on Monday, extending a downward slide driven mainly by a wide gap in interest rates between the US and Japan. The yen's weakness was further dragged by data showing Japan's economy shrank more than initially reported in the first quarter. The benchmark 10-year Treasury yield rose nearly 14 basis points to 4.479% overnight, as investors weighed the possibility of another Donald Trump presidency,, raising tariffs and government borrowing. Meanwhile the euro climbed on Monday following the historic win by the French far-right in the first round of the parliamentary election.