Markets

Dollar Briefly Hits 4-Month High above 156 Yen in Tokyo

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

13:01 JST, November 14, 2024

Tokyo, Nov. 14 (Jiji Press)—The dollar briefly climbed above ¥156 in Tokyo trading just before noon Thursday to hit the highest level in nearly four months.

A fresh round of yen selling and dollar buying was ignited by speculation for a wider Japan-U.S. interest rate gap, market sources said.

U.S. long-term interests rose on market concerns that the U.S. fiscal situation will deteriorate through massive tax cuts and other measures promised by President-elect Donald Trump, with the Republican Party seen taking control of both houses of Congress in addition to winning the presidential seat.

“The dollar may rise to ¥160 by year-end as Trump’s policies are likely to cause inflation,” a think tank official said.

At noon, the dollar stood at ¥155.99-99 , up from ¥155.10-11 at 5 p.m.. Wednesday.