The Japanese yen is at its lowest level in 20 years

The Japanese yen hit a new record low on Wednesday at a 20-year low after the Bank of Japan again intervened defending ultra-low interest rates in Japan, widening the spread with the United States as bond yields hit fresh new hard highs.

The Bank of Japan again offered to buy an unspecified amount of Japanese government bonds to limit the rise in 10-year bond yields.

Conversely, US 10-year bond yields rose to a three-year high.

The price of the dollar reached 129.43 yen for the first time since April 2002 in Asian trading, before falling to 128.615 yen, or 0.21 percent, in the latest trading.

The dollar index, which measures its price against six currencies, including the yen, rose early Wednesday morning to 101.03, the highest level recorded on Tuesday, which has not been recorded since March 2020. But then it fell to 100.76, down 0.3 percent during the day.