War fears send dollar soaring; Japanese yen hits weakest point in 40 years

On July 13, 2026, the Japanese yen fell to 162.43 per dollar—its lowest level in four decades. The dollar surged as tensions between the US and Iran spiked, raising fears about oil shipments through the Strait of Hormuz. Investors sought safety in US currency, reversing the usual pattern that had favored a weaker dollar.