Dollar Hits Fresh 10-month Highs above ¥148.40

TOKYO (Jiji Press) — The dollar hit fresh 10-month highs above ¥148.40 in Tokyo trading Thursday, propelled by speculation that the U.S. Federal Reserve’s interest rate hike campaign will continue for the foreseeable future.

The greenback then slightly cut its gains to stand at ¥148.25-26 at 5 p.m., still up from ¥148.13-14 at the same time Wednesday. The euro was at $1.0654-0655, down from $1.0689-0690, and at ¥157.97-98, down from ¥158.36-37.

The dollar hit the highs in the morning, carrying over its strength in overseas trading following the Fed’s two-day Federal Open Market Committee meeting through Wednesday. Many market participants viewed the Fed’s stance as hawkish.