The yen is set for its biggest streak of gains since the height of the coronavirus crisis in March 2020, as escalating US-China tension over Taiwan and heightened fears of a global economic slowdown boosted the attractiveness of assets that are considered safe investments.<\/p>\n\n\n\n
The US dollar has struggled broadly, continuing a few tough trading sessions since the Federal Reserve raised interest rates last week, amid signs that the US economy is slowing, and policymakers hinting at moving at a slower pace to raise interest rates in the future.<\/p>\n\n\n\n
The Japanese currency headed for gains for the fifth consecutive session on Tuesday against the dollar, bringing its cumulative gains to nearly 4.5 percent in five sessions.<\/p>\n\n\n\n
The currency rose in London trading 0.6 percent to 130.78 yen to the dollar, slightly less than the high level of 130.40, which was last seen in early June.<\/p>\n\n\n\n
Concerns about the impact of an impending visit to Taiwan by US House Speaker Nancy Pelosi have weighed on stocks, and prompted investors to rush into US Treasuries.<\/p>\n\n\n\n
Yields on the benchmark 10-year Treasury fell to 2.516 percent, the lowest level since April, reducing the gap between 10-year US debt and its Japanese bond equivalent to 236 basis points, the lowest level since early April.<\/p>\n\n\n\n
Last week’s data showed that the US economy contracted for the second consecutive quarter, adding to the debate over whether the country has entered, or will soon enter, a recession. Traders are awaiting US jobs data on Friday.<\/p>\n\n\n\n
The Australian dollar fell nearly 1.5 percent after the Reserve Bank of Australia raised interest rates by 50 basis points to 1.85 percent, in line with expectations.<\/p>\n\n\n\n
The dollar index, which measures its value against six major currencies, rose 0.3 percent to 105.65.<\/p>\n","protected":false},"excerpt":{"rendered":"
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