Business · Markets · 3 hrs ago
Yen rises against dollar as technology stocks fall
The yen rose against the dollar in New York on Nov.
13, ending at 159.60–70 yen per dollar.
The move came after investors sold AI-related and other technology shares in the United States, weakening confidence in the stock market.
When investors become more cautious, they may buy the yen, which is often treated as a lower-risk currency.
Japan’s Finance Minister, Satsuki Katayama, said the recent fall in the yen had been one-sided and rapid, and that Japan would keep working with the US Treasury and respond appropriately.
Those comments added to concern that Japanese authorities could act to support the yen, making investors less willing to sell it.
But expectations of further US interest-rate increases and rising US bond yields limited the yen’s gains, as higher rates can support the dollar.
The yen rose against the dollar in New York trading on Nov. 13, closing at 159.60–70 yen per dollar.
The yen strengthened as technology and artificial intelligence-related stocks fell, prompting investors to seek lower-risk currencies.
Concern that Japanese authorities could act against further yen weakness also supported the currency.
Gains were limited as comments by US Federal Reserve officials reinforced expectations of further interest-rate increases and pushed US bond yields higher.
The yen also rose against the euro, while the euro weakened against the dollar.
- Who
- The yen and the US dollar were traded in the New York foreign exchange market.
- What
- The yen strengthened, closing at 159.60–70 per dollar, up 20 sen from the previous day.
- When
- Nov. 13.
- Where
- The New York foreign exchange market.
- Why
- Falling technology stocks encouraged buying of the yen as a lower-risk currency, while concern about Japanese authorities’ response to yen weakness also supported it.
This story does not have two clearly opposing sides.
New York Fed President John Williams said gradual measures would still be needed to bring inflation reliably back to the 2% target.
Japanese Finance Minister Satsuki Katayama said yen movements had been one-sided and rapid and that authorities would respond appropriately.
US technology shares fell, and the yen strengthened as investors bought lower-risk currencies.
The yen closed at 159.60–70 per dollar, up 20 sen from the previous day.
- Yen-dollar close
- 159.60–70 yen per dollar
- Daily change
- Yen up 20 sen against the dollar
- Intraday yen high
- 159.52 per dollar
- Yen-euro close
- 176.00–10 yen per euro
- US long-term yield
- Reached 5.17% intraday, its highest in about a month
1 source
What people are saying
Recent one-sided and rapid movements have been seen.
We will continue close coordination with the US Treasury and respond appropriately.
The price moved after somewhat large yen-buying and dollar-selling orders came in during thin weekend trading.