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Japanese Yen Hits Four-Week Low Against U.S. Dollar

The Japanese yen fell to a four-week low against the U.S. dollar on Wednesday, influenced by rising U.S. yields and renewed interest in carry trades. The dollar reached 157.41 yen, approaching levels that prompted possible intervention from Tokyo in late April and early May, albeit more gradually. Disappointing bond auctions and stronger-than-expected U.S. consumer confidence data for May further bolstered the dollar, exerting pressure on the yen and Chinese yuan.