The yen weakened in New York trading on the 10th, with the dollar reaching 154.36–46 yen at 5:00 p.m., down 0.88 yen from the previous day. Rising crude oil prices fueled concerns about faster inflation and pushed U.S. long-term interest rates higher. Expectations of a wider Japan-U.S. interest-rate differential (gap between countries’ borrowing costs) encouraged yen selling and dollar buying. The dollar was at 154.11–21 yen at 8:00 a.m., compared with the previous day’s 5:00 p.m. level of 153.48–58 yen. At 5:00 p.m., the euro traded at $1.1606–16 and 179.22–32 yen, compared with $1.1612–1622 and 179.04–14 yen at 8:00 a.m.