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Japanese yen hits 15-month high, breaks through ¥107 barrier
Thursday, 15 February 2018 00:13 WIB | CURRENCIES | YenDolar AS

The Japanese yen rallied to a 15-month high against the U.S. dollar on Wednesday, breaking through a closely watched technical and psychological level at ¥107 for the first time since November of 2016.

Wednesday's move highlights a relatively rapid strengthening for the Japanese currency, after the dollar-yen pair crossed a key level at ¥108, about 24 hours ago.

Earlier on Wednesday, data also showed that Japan has had the longest economic growth spell in 28 years, last recording an annualized 0.5% bump in the fourth quarter of 2017, which also helped the yen higher.

One dollar last bought ¥107.07, down 0.7% since Tuesday, after hitting a session low of ¥106.72 earlier. The dollar-yen pair is on track for a weekly drop of 1.9%, its biggest since early Sept. 2015, according to FactSet.

Source: Marketwatch

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