The U.S. dollar rose to its strongest level in nearly five years against the Japanese yen in the Asian session Monday morning in the wake of a jump in Treasury yields, with traders betting on an early Federal Reserve interest rate hike despite a spike in COVID-19, 1 million new cases in the United States.
The dollar continues to rebound against the Japanese yen, with USDJPY hitting a one-year high of 111 this morning in the face of diverging monetary policies and health conditions.
The US Dollar gained significant traction over the Japanese Yen on Friday, closing up 0.46 percent on the day and solidifying what has been a decent week for USDJPY bulls.
The US Dollar climbed against the Japanese Yen on Thursday on the back of rising US Treasury yields.