The dollar index reached a 10-month peak, while the Japanese yen approached the critical 150 level, potentially prompting Japanese officials to intervene and stabilize the currency. Meanwhile, benchmark 10-year U.S. government bond yields surged to 16-year highs in the face of robust economic data despite rising interest rates. The Federal Reserve, in its recent announcement, hinted at further rate hikes and an extended period of elevated rates to combat inflation and reach its 2% annual target.