The Japanese Yen has hit a new YTD low against the dollar during the Asian session. The US jobs data released on Friday is also shows that the US economy is doing well, which allows the Fed to keep interest rates high. This is keeping the dollar at a higher value, which makes the difference greater.
Fears of continued tensions in the Middle East and the China's slowed growth may also be affecting the Japanese Yen. Also, a recent survey found that the Japanese services sector, which accounts for 70% of the country's GDP, has expanded at the highest rate since September. This may cause further inflation due to the Bank of Japan needing wage increases in the service sector and the need for higher prices.
https://www.fxstreet.com/news/japanese-yen-drops-to-fresh-ytd-low-against-usd-bears-seem-non-committed-202402050159
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