New York, Nov. 19 (Jiji Press)–The dollar topped 157 yen in New York trading Wednesday for the first time since mid-January, reflecting a significant retreat in market expectations for an additional interest rate cut by the U.S. Federal Reserve by the end of the year. At 5 p.m., the U.S. currency was at 157.13-23 yen, up 1.64 yen from a day before. The yen also weakened against the euro, with the European currency standing at 181.29-39 yen, up 1.27 yen. The euro renewed its record high against the Japanese currency for the third straight day. The minutes of the October Federal Open Market Committee meeting, released on Wednesday, showed that many participants wanted to keep interest rates unchanged for the remainder of the year. This dampened market expectations for a rate cut at the next FOMC meeting in December, leading to accelerated dollar buying against the yen. Easing concerns over potential yen-buying, dollar-selling market intervention by Japanese monetary authorities were also behind the greenback’s rapid ascent against the Japanese currency, market sources said. END [Copyright The Jiji Press, Ltd.]
Dollar Tops 157 Yen in New York
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