Yen falls for 11th day against dollar on rates bets

Yen falls for 11th day against dollar on rates bets

The yen fell for an 11th day against the dollar as the yen weakened against the dollar on bets that further differences between U.S. and Japanese interest rates are inevitable.

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The Japanese currency fell as much as 0.5% to 126.56 per dollar to extend a 20 year low. Benchmark Treasury yields surged overnight in the U.S., widening the gap with their peers in Japan.

When the Easter holiday falls, accumulated dollar long and yen short positions would be unwound under normal circumstances but this time, downside risks to dollar-yen appears to be close to zero, said Yoshifumi Takechi, chief analyst at Money Partners in Tokyo. The dollar-yen enters a vacuum at the 127 level and there is a high probability markets will aim for 128. Japan s currency has fallen in freefall this year as the dovish Bank of Japan keeps local yields anchored to the floor while the Treasury equivalents surge on expectations for aggressive Fed rate hikes. The yen has suffered from Japan's position as a commodity importer and is the worst performing Group-of- 10 against the dollar with a decline of about 9% this year.

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The interest rate divergence will outweigh the efforts of government officials to reduce the currency's slide, according to investors.

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