USD/JPY soars to 133.22, the highest level since March 2002 before easing following the bounce in the US Treasury yields. With that, the currency pair rises for the fourth consecutive day.
Meanwhile, fears of global recession challenge the USD/JPY prices. The fear intensifies following the comment from World Bank (WB) President David Malpass who warned that faster-than-expected tightening could push some countries into a debt crisis similar to the one seen in the 1980s.
In the near future, USD/JPY is likely to continue the uptrend following strong yields and fears of further widening in the BOJ and the Fed policies. However, May's US Consumer Price Index (CPI) this Friday will be in the cards for fresh directions.