Japanese Yen Hits 40-Year Low, Swiss Franc Touches 11-Month Low Amid U.S.-Iran Tensions

According to Mitsubishi UFJ analyst Lee Hardman, on July 23, the Japanese yen hit a 40-year low and the Swiss franc touched an 11-month low against the U.S. dollar. Since the U.S.-Iran conflict escalated in late February, both low-yielding currencies have been the worst performers among G10 currencies, continuing to weaken this month as oil prices remain elevated.
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