Tokyo, Oct. 6 (Jiji Press)–The dollar climbed above 150 yen for the first time in roughly two months Monday. At 1 p.m., the greenback stood at 150.05-07 yen, up from 147.40-42 at 5 p.m. Friday. The U.S. currency last exceeded the 150-yen threshold on Aug 1. The yen weakened against the dollar as expectations for an early policy interest rate hike by the Bank of Japan retreated in the wake of Sanae Takaichi’s election as the new leader of Japan’s ruling Liberal Democratic Party, market sources said. Takaichi, who is expected to become prime minister later this month, is widely regarded as a proponent of monetary easing and aggressive fiscal policy. The powerful climb of Japan’s benchmark Nikkei stock average on the day fueled a risk-on market mood, pushing the dollar higher vis-a-vis the yen, the sources said. END [Copyright The Jiji Press, Ltd.]
Dollar Tops 150 Yen for 1st Time in 2 Months
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