Yen Briefly Surges to ¥151 Against Dollar; Hits Three-Week High
A man walks by an electronic screen displaying a graph showing yen exchange rates surging against the U.S. dollar in Tokyo on Thursday.
12:29 JST, May 4, 2024
NEW YORK — The yen briefly surged to the upper ¥151 range against the dollar in New York trading Friday, a more-than-three-week high, following the April U.S. jobs report released earlier the day.
The yen was trading in the lower ¥153 range against the dollar prior to the release of the jobs report but appreciated by more than ¥1 in about 10 minutes afterwards.
The U.S. Labor Department said that April nonfarm payroll growth slowed substantially from March, falling short of market expectations.
U.S. long-term interest rates declined over speculations that the U.S. Federal Reserve Board would delay interest-rate cuts.
The buying of the yen and selling of the dollar accelerated on the narrowing of the Japan-U.S. interest rate gap.
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