Dollar extends rally against beleaguered Japanese yen

The U.S. dollar USDJPY, +1.05% on Tuesday continued to rally against the Japanese yen, fetching 128.33 yen versus 126.99 yen on Monday. The greenback is up 11% this year against its Japanese counterpart. “The losses in the yen have snowballed into an avalanche, with the currency getting buried under the weight of monetary policy divergence and Japan’s reliance on imported energy,” said Marios Hadjikyriacos, senior investment analyst at XM.