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

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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.'

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