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Federal Reserve Governor Brainard's suggestion that of a rapid unwind of the Fed's balance sheet stoked a bond market sell-off that is continuing today, rippling through the capital markets.
Rising US yields has helped lift the greenback to JPY124. The dollar's multiyear high set in late March was almost JPY125.10.
The US dollar rebounded off CAD1.24 yesterday and settled near the session high just below CAD1.25.