NEW YORK—The dollar surged to a six-year high versus the yen after the Bank of Japan moved to contain rising bond yields, while U.S. Treasury yields soared to new multiyear highs, highlighting the divergence in tightening cycles between the BOJ and other major central banks.
Treasury 10-year yields vaulted above 2.5 percent to three-year highs, with the U.S. Federal Reserve expected to deliver a half-point interest rate rise in May, having kicked off its tightening cycle this month.
