Economy

Dollar Tops 151 Yen for 1st Time in 4 Months

REUTERS/Florence Lo/Illustration/File Photo
Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022.

Jiji Press

16:47 JST, March 20, 2024

SINGAPORE (Jiji Press) — The dollar exceeded ¥151 for the first time in four months in Asian trading Wednesday on expectations that the Bank of Japan’s monetary policy will remain accommodative for the time being.

The BOJ on Tuesday decided to end the negative interest rate policy in its first interest hike in 17 years. But BOJ Governor Kazuo Ueda said that the accommodative financial environment will continue.

Meanwhile, the U.S. Federal Reserve is seen maintaining its tight monetary policy for now as inflation remains elevated.

Dollar buying to sell yen accelerated on speculation that the gap between Japanese and U.S. interest rates is unlikely to narrow anytime soon, market sources said.

On Wednesday$,-yen trading was thin because the Tokyo market was closed for a national holiday. On Tuesday in Tokyo, the dollar had been quoted at ¥150.26-26 at 5 p.m.