Yen Rises past 130 per Dollar for 1st Time in 7 Months

Economy

Tokyo, Jan. 3 (Jiji Press)--The yen strengthened past 130 per dollar in thin trading on Tuesday, during the New Year holiday period in Japan, crossing the threshold for the first time in seven months.

The Japanese currency has been backed by expectations that the Bank of Japan could further revise its monetary easing policy after it modified the yield curve control policy in December, which market participants viewed as an effective rate hike.

At 11:10 a.m. Tuesday (2:10 a.m. GMT), the dollar traded at 130.20-30 yen after earlier slipping below 130 yen.

In 2022, the yen tumbled as low as near 152 per dollar, hitting a 32-year low versus the greenback amid monetary tightening in the United States.

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