A man walks past an electronic screen with a graph showing yen exchange rates rising against the U.S. dollar in Tokyo on Thursday.
12:29 JST, May 4, 2024
NEW YORK – The yen briefly rose to the upper ¥151 against the dollar in New York trading Friday, a more than three-week high, following the April U.S. jobs report released earlier in the day.
The yen was trading in the lower range of ¥153 against the dollar before the jobs report was released, but appreciated above ¥1 in about 10 minutes afterward.
The U.S. Department of Labor said nonfarm labor cost growth slowed significantly in April from March, falling short of market expectations.
US long-term interest rates fell on speculation that the US Federal Reserve Board would delay interest rate cuts.
The buying of the yen and selling of the dollar accelerated as the interest rate differential between Japan and the US narrowed.
