New York, Oct. 30 (Jiji Press)–The dollar briefly climbed as high as 154.45 yen in New York trading Thursday, its highest level in about eight and a half months, as yen selling accelerated amid receding expectations for an early interest rate hike by the Bank of Japan. At 5 p.m., the dollar was at 154.10-20 yen, up 1.42 yen from a day before. The yen also weakened against the euro, with the European currency standing at 178.25-35 yen, up 1.15 yen. On Thursday, the BOJ decided to leave its policy interest rate unchanged for the sixth consecutive policy-setting meeting. At a press conference later in the day, BOJ Governor Kazuo Ueda expressed caution regarding the timing of interest rate hikes. This came after U.S. Federal Reserve Chair Jerome Powell stated on the previous day that another interest rate cut in December is not a foregone conclusion. The view spread among currency traders that the interest rate gap between Japan and the United States would remain wide for a long time, fueling the yen’s depreciation against the dollar. END [Copyright The Jiji Press, Ltd.]
Dollar Hits 8-Month High above 154 Yen in New York
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