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USD/JPY rises for a fifth straight day amid higher US yields

FXStreet says the pair trades near 158.8 as the 10-year US Treasury yield is around 5.16%, its highest level since 2007.

Reported · Written up by our desk · Major Pairs

USD/JPY extended gains for a fifth consecutive day on Thursday, with FXStreet attributing the move to broad US dollar strength and ongoing pressure on the Japanese yen.

The yen weakness comes as traders reassess the Federal Reserve and Bank of Japan policy outlooks after their September meetings, with FXStreet noting markets see a growing chance the Fed will raise borrowing costs again.

The shift is supported by strong US data, FXStreet reported, including a September S&P Global Composite Purchasing Managers Index reading of 58.4 and initial jobless claims falling to 197K, below expectations of 201K.

FXStreet also pointed to rising Treasury yields, saying the US benchmark 10-year yield was around 5.16%, the highest level since 2007.

Latest closeUSD/JPY 158.89 ▲0.9%

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