May nonfarm payrolls rose 172,000, crushing forecasts and fueling bets on delayed Fed cuts.
The dollar jumped after U.S. employers added 172,000 jobs in May, nearly double the 85,000 forecast by economists. April’s gain was revised to 115,000 from an initial 165,000.
The yen fell through the 160-per-dollar level for the first time since late April, extending its weekly slide. Japanese officials reiterated readiness to intervene against excessive volatility, citing prior moves near this threshold.
Markets now price a near-zero chance of a Fed rate cut this month, while the Bank of Japan is expected to hike rates later in June amid rising import costs.