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Dollar touches 11-month high against yen

14 march 2012, 17:37
An electronic board displaying the Japanese Yen's exchange rate. ©REUTERS/Kim Kyung Hoon
An electronic board displaying the Japanese Yen's exchange rate. ©REUTERS/Kim Kyung Hoon
The dollar soared to an 11-month high against the yen in Asia on Wednesday after the US Federal Reserve dashed speculation of further credit easing, AFP reports.

The US unit rose to 83.24 yen in Tokyo afternoon trade, its strongest level since April. It was trading at 82.90 yen in New York late Tuesday.

The yen fell against the euro, with the common European currency buying 108.78 yen against 108.38 yen in New York.

The euro fetched $1.3068 compared with $1.3075 in New York.

The sell-off in the safe-haven yen suggested increasing optimism about the global economy, said Jonathan Lewis, chief investment officer at Samson Capital Advisors in New York.

"If you're not worried, what do you need a safe-haven for?" Lewis said.

Given the strong upward momentum of the dollar, Barclays Capital said the greenback could reach 84 yen within a month and 88 yen over the new few months.

"We believe downside risks for the dollar/yen have been dramatically reduced, especially from the perspective of monetary policy in both Japan and the United States," said the firm's chief currency strategist Masafumi Yamamoto.

The Federal Reserve Tuesday held monetary policy unchanged and upgrading its view of the economy, although it did not say if it was in need of more support.

The Bank of Japan on Tuesday also held interest rates at rock bottom between zero and 0.1 percent while boosting a loan programme by almost $25 billion to kickstart growth.

The BoJ surprised the market in February by announcing it would pump 10 trillion yen more into the economy to combat stubborn deflation as domestic and global uncertainty intensifies.

The dollar was higher against other Asian currencies.

It firmed to Sg$1.2612 in Tokyo afternoon trade from Sg$1.2563 on Tuesday, to 42.71 Philippine pesos from 42.58 pesos, to 1,124.80 South Korean won from 1,121.40 won, to 30.69 Thai baht from 30.59 baht and to Tw$29.51 from Tw$29.46.

The dollar also firmed to 9,190.750 Indonesian rupiah from 9,170.00.

-- Dow Jones Newswires contributed to this article --

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