Dollar rises to 2.5-month high vs. yen on U.S. rate hikes concern

The U.S. dollar rose against the yen early Wednesday in Tokyo, hitting a two-and-a-half-month high in the lower 137 yen range after U.S. Federal Reserve Chair Jerome Powell suggested faster interest rate hikes.

At 9 a.m., the dollar fetched 137.38-41 yen compared with 137.10-20 yen in New York and 135.74-76 yen in Tokyo at 5 p.m. Tuesday.

The euro was quoted at $1.0547-0551 and 144.89-98 yen against $1.0543-0553 and 144.60-70 yen in New York, and $1.0685-0687 and 145.04-08 yen in Tokyo late Tuesday afternoon.

Tokyo stocks opened higher on buying of exporter and manufacturer issues amid the wea...