The value of the yen drops to a new low for the year, below 150 per dollar.

On the New York foreign currency market late on Wednesday, the yen momentarily weakened below 150 versus the dollar, breaking through the previous low of 150.16 yen recorded in early October and setting a new low for the year.

As investors realized that the interest rate differential between the two countries was growing, they began to purchase dollars and sell yen, leading to an increase in the yields on medium- and long-term U.S. Treasury bonds.

The benchmark rate for long-term U.S. interest rates, the yield on the 10-year Treasury note, increased to 4.95% today, up 0.13% from the day before.

The U.S. Commerce Department is scheduled to disclose July-September GDP numbers on Thursday. Reuters-compiled market predictions indicate a 4.3% annual growth rate, which is higher than the 2.1% growth seen from April to June. The resiliency of the US economy was demonstrated by the sales of US bonds that were observed before to the data's release.

Responding to questions on Thursday, Japanese Finance Minister Shunichi Suzuki stated that the government is "closely monitoring developments [in the currency market] with a heightened sense of urgency in accordance with our previous policy."

On the New York foreign currency market on Wednesday, the yen reached a value of 150.32 to the dollar. Early on Thursday morning, it was just above 150 in Tokyo.