News Column

Dollar tops 105 yen for 1st time in 8 months

September 2, 2014

The U.S. dollar broke above the 105 yen line for the first time since early January on Tuesday in London, briefly fetching 105.02 yen.

The dollar built on its gains in Tokyo earlier in the day where the U.S. currency advanced on speculation of a sooner-than-expected U.S. interest rate hike and on reports that Japanese Prime Minister Shinzo Abe will appoint a reform-minded welfare minister to oversee Japan's government pension fund for investment in riskier assets.

The increasingly hawkish outlook regarding U.S. monetary policy contrasts with prospects for further easing by the European Central Bank at its policy meeting Thursday and expectations the Bank of Japan will leave its ultraloose monetary policy unchanged at a two-day meeting through Thursday.

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Source: Japan Economic Newswire

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