Xinhua Finance, Tokyo, July 24 (by Li Shimeng and Lan Jianzhong) — Driven by ongoing tensions in the Middle East and rising international oil prices, the yen briefly weakened to 163.96 per U.S. dollar in the New York foreign exchange market during U.S. Eastern Time on the 23rd, hitting a new low.

Analysts say that the continued Middle East tensions have pushed up international oil prices, heightening market concerns about inflation. Expectations that the U.S. Federal Reserve will raise interest rates earlier than anticipated have increased, strengthening the dollar and putting additional pressure on the yen.

Earlier, on July 21 U.S. Eastern Time, the yen touched 163.18 per dollar, its weakest level since December 1986.