The greenback gained versus its major rivals on Wednesday while reached its record high in seven months against the Japanese yen. The single currency also declined in reaction to weaker than expected euro zone economic data.

The greenback jumped to 80.24 against the Japanese yen on Wednesday as compared to 79.73 on Tuesday’s late trading hours. Different analysts had different opinion on the appreciation of US dollar against the Yen. Some linked the current surge with increase in US yields while other blamed the Japanese government intervention behind the yen’s fall. However, the yen is also highly correlated with 2-year US Treasury yields which increased to 0.30 percent.

US director of interest rate strategy, Richard, Gilhooly from TC Securities commented, “We may have the first signs of an emerging period of yen weakness followed by rising Treasury yields.”

The dollar index DXY which measures the US dollar’s performance versus its six major rival currencies gained to 79.207 on Wednesday as compared to 79.023 on Tuesday’s North American trading session.

Among other currencies, the British Pound fell to 1.5673 against the US dollar on Wednesday as compared 1.5791 on late Tuesday. The Pound Sterling also fell versus the euro in reaction to the latest minutes of monetary policy meeting in which committee members decided to increase the Bank of England’s quantitative easing program by 75 billion pounds.

The single currency fell to 1.3246 against the greenback as compared to 1.3251 on Tuesday.