The U.S. dollar experienced a slight decline during New York trading, setting the stage for a fourth consecutive day of losses and strengthening most major developed-market currencies. The Japanese yen outperformed its peers, rising more than 1% to reach a new intraday high.

As of 12:36 p.m. Eastern Time, the Bloomberg Dollar Spot Index was down 0.2%. The majority of G-10 currencies advanced, with the Japanese yen and the Australian dollar leading the gains.

The yen appreciated approximately 1.1%, reaching an intraday peak of 152.75 yen per dollar. Its highest level for the year remains 152.10, recorded on January 27.

Win Thin, Chief Economist at Bank of Nassau 1982, commented, "I think this is somewhat of a short squeeze, as markets had positioned for further yen weakness following the ruling party's decisive election victory."

Thin added that there currently appears to be a scarcity of significant fundamental news driving the movement.