Morning Bid: As yields and the yen go, so goes the dollar

on hopes that a $984 million fine for Ant Group signalled the end of a years-long crackdown that has hammered the Chinese tech sector.to Beijing seemed also to meet low expectations, with few signs that testy relations are getting better but also little suggestion they're getting worse.

The yen is in the driver's seat in foreign exchange markets, as investors pull back on high-yielding bets in emerging markets that have been funded by cheaply borrowed yen. Such trades are placed by selling yen for dollars and then dollars for emerging-market currencies such as the peso or the real, so reversing them requires selling dollars for yen. The yen has risen to the strong side of 141 per dollar for the first time in three weeks.

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