Tokyo, June 30 (Jiji Press)–The dollar surged above 162 yen in Tokyo trading on Tuesday, hitting the highest level since December 1986. At 10:00 a.m., the dollar stood at 162.13-14 yen, up from 161.81-82 yen at 5 p.m. Monday. The dollar carried over its strength from overnight trading in New York, where it rose as high as 161.98 yen amid growing expectations that the U.S. Federal Reserve will raise interest rates by the end of this year. Although the Bank of Japan decided to raise its policy interest rate at its monetary policy meeting earlier this month, the pace of further rate hikes remains uncertain. Against this backdrop, many market participants believe the interest rate gap between Japan and the United States will remain wide for the time being. END [Copyright The Jiji Press, Ltd.]
Dollar Tops 162 Yen for 1st Time in Over 39 Years
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