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USD/JPY sets a new 34 year high this morning
The USD/JPY has ignored any Japanese warnings this morning and lifted to set a new 34 year high, close to 154 this morning. You have to look back to the summer of 1990 to see the last time the USD/JPY was up here. The USD/JPY did take a hit ahead of the weekend though. The dollar dropped back to a low at 152.59 on Friday afternoon as risk aversion seemed to favour a push into the Yen ahead of the weekend. However, it did not stay down there for very long. The USD/JPY later closed in the US at 153.23. It has further extended that rebound today and a short while ago the USD/JPY rose to a high at 153.87. That has helped to push the major Yen crosses higher at the same time. A driver for all this appears to rest with a push higher in US yields this morning. So, it seems the US bond market is not exactly a haven right now. The USD/JPY is currently trading at 153.85
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