USD/JPY Hits 163.137 Yen on July 21, 40-Year High Amid Rising Oil Prices

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According to Yonhapinfomax, the dollar-yen exchange rate broke through 163 yen on July 21 at 2:14 PM New York time, reaching 163.137 yen and marking its highest level since December 1986. The pair briefly spiked to 163.213 yen. The yen's weakness is driven by rising crude oil prices amid U.S.-Iran military tensions; WTI crude futures for August delivery climbed 2-3% to around $85 per barrel. Japan's high oil dependence is weighing on the currency as elevated energy costs risk widening trade deficits.
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