‘Dollar Is King’ .

‘Dollar Is King’ Mantra Rings Across Currencies as Yen Drops

The ascendant U.S. dollar headed for its best month in a decade, as renewed yen selling cemented the greenback’s strength against major peers.

A Bloomberg gauge of the greenback climbed to its highest level in nearly two years and has risen 4.5% this month, set for its best performance since May 2012.

The dollar extended gains versus yen, hitting a two-decade high, after the Bank of Japan kept interest rates at rock-bottom levels and defended its easy monetary policy.

That contrasts with a Federal Reserve that has signaled aggressive rate hikes to combat inflation.