The US dollar rose above 161, analysts say the market may not be as concerned as before

On June 28th, Jin10 data reported that on Friday, before the release of key US inflation data, the US dollar rose for the second consecutive quarter, reaching a near 40-year high against the Japanese yen. Neither the decline in overnight US bond yields nor the data showing a steady rise in Tokyo CPI could prevent the yen from falling. The yen against the US dollar fell by 6% this quarter and 12% year-to-date, leading the decline among G10 currencies, while the euro against the yen hit a new historical low. Ray Attrill, Head of Foreign Exchange Strategy at National Australia Bank, said, 'In a low volatility environment, the market's desire for carry trades still exists. After the USD/JPY broke above 160 without intervention, I don't think the market will be as worried as it was before 160.'