Business · Markets · 3 hrs ago
Yen rises against dollar as US tech stocks fall
The yen strengthened against the dollar in New York on Nov.
5, ending at 157.60–70 yen per dollar.
The move followed a sharp sell-off in US technology stocks, including shares linked to artificial intelligence.
The Nasdaq Composite fell 5.5% that day.
Investors also bought yen, seen as a lower-risk asset, as US long-term bond yields declined, narrowing the gap between US and Japanese interest rates.
Concerns about delays to data-centre construction grew after Democratic candidates who support limiting such projects made gains in several state governor races in the US midterm elections.
The yen’s rise was partly held back by higher oil prices, and no further market move or next step was specified.
The yen strengthened against the dollar in New York trading on November 5, closing at 157.60–70 yen per dollar.
The yen rose as investors bought it, seen as a lower-risk asset, while US technology shares fell.
A decline in long-term US interest rates also supported yen buying.
The Nasdaq Composite fell 5.5% as selling spread among semiconductor and other artificial-intelligence-related stocks.
Higher US oil prices limited the yen’s gains.
- Who
- The yen strengthened against the US dollar.
- What
- It closed at 157.60–70 yen per dollar, up 75 sen from the previous day.
- When
- November 5 in the New York foreign-exchange market.
- Where
- New York foreign-exchange market.
- Why
- Investors bought the yen as US technology stocks fell and long-term US interest rates declined.
This story does not have two clearly opposing sides.
US midterm elections took place, with Democratic candidates who supported curbs on data-centre construction making gains in several governors’ races.
The yen strengthened in New York as US technology shares fell and long-term US interest rates declined.
- Yen close
- 157.60–70 yen per US dollar
- Daily move
- 75 sen stronger against the dollar
- Nasdaq Composite
- Down 5.5% on November 5
- US 10-year Treasury yield
- Fell at one point to its lowest level in about two months
- Yen high and low
- 157.55 and 158.50 per dollar
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What people are saying
there is a rationale for discussing additional rate increases