Dollar rises to 2.5-month high vs. yen on U.S. rate hike expectations
The U.S. dollar rose against the yen Wednesday morning in Tokyo, hitting a two-and-a-half-month high in the lower 137 yen range, after U.S. Federal Reserve Chair Jerome Powell set the ground for faster and higher interest rate hikes.
Tokyo stocks were higher in the morning as investors snapped up high-tech and auto issues hoping that a weak yen will boost their overseas earnings when repatriated and increase the price competitiveness of their goods sold outside Japan.
The 225-issue Nikkei Stock Average rose 61.76 points, or 0.22 percent, from Tuesday to 28,370.92. The broader Topix index was u...