Dollar up against yen as US bond yields rise

London

THE US dollar rose to its highest since February against the yen on Monday as US bond yields climbed on the back of expectations of broadly higher inflation, driven by a 5 per cent rise in global oil prices.

The Norwegian crown and Canadian dollar were the other big gainers after Opec and non-Opec producers struck their first deal since 2001 to curtail output jointly, driving crude prices to their highest levels in a year and a half.