Japanese yen drops to 40-year low
The dollar index settled around 101.11 amid ongoing tensions between the United States and Iran, which boosted demand for the US currency as a safe haven. At the same time, the Japanese yen neared a 40-year low at 163.1 against the dollar, amid concerns over the possibility of the Bank of Japan raising interest rates more quickly, with increasing pressure on the Japanese currency due to the strength of the dollar and Japan's low interest rates. This coincided with rising oil prices and heightened inflation concerns, as Brent crude surged by more than 1.3% to $95.31 per barrel, with expectations of persistent inflationary pressures and a potential increase in US interest rates.
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