Rising US bond yields, fueled by stronger-than-expected job openings data, lift the dollar against the yen in early trading.
The USD/JPY pair rose 0.1% to 162.73 in European trading on Wednesday, driven by a 0.18% increase in 10-year US Treasury yields to 4.47%. The move extends gains from Tuesday, when yields surged over 2% amid improving US labor market data.
US JOLTS job openings for May reached 7.594 million, exceeding estimates of 7.3 million and the prior reading of 7.585 million. The US Dollar Index (DXY) climbed 0.16% to 101.33, with the dollar strongest against the Australian dollar.
Investors await June’s ADP Employment Change and ISM Manufacturing PMI data later in the North American session. In Tokyo, speculation grows over potential intervention by Japanese authorities to stabilize the yen.