Markets

Dollar Hits 11-Month Highs above ¥150 in N.Y.

Reuters file photo
Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture.

Jiji Press

8:21 JST, October 4, 2023

New York, Oct. 3 (Jiji Press)—The dollar hit 11-month highs above the psychologically important line of ¥150 in New York on Tuesday morning, propelled by higher U.S. long-term interest rates.

The dollar stood at ¥149.90-150.00 at 10 a.m., up from ¥149.81-91 at 5 p.m. Monday.

But soon after that, the greenback temporarily slumped below ¥147.50. Some market participants said Japan may have carried out intervention to shore up the yen.

The dollar rose above ¥150 as U.S. long-term interest rates continued to rise following recent hawkish remarks by U.S. Federal Reserve and other officials, reinforcing speculation that the gap between Japanese and U.S. interest rates will widen further, market sources said.

Also contributing to the dollar’s ascent were stronger-than-expected U.S. job openings data released by the Labor Department.

Meanwhile, many players were braced for possible yen-buying intervention by Japan, the sources said.