Japanese yen slides to 40-year low against the US dollar

The Japanese yen weakened to 162.41 per dollar, its lowest level since 1986, as a wide interest rate gap between Japan and the US continues to weigh on the currency. The yen is set for a 2% drop in the second quarter, marking its fourth straight quarter of decline and the longest such streak since 2022, when it fell for seven consecutive quarters. Meanwhile, the US dollar pulled back from 13-month highs ahead of upcoming US jobs data.