The U.S. dollar advanced to the 146-yen range in New York on Wednesday, a level unseen since November, as continued increases of key U.S. long-term interest rates have prompted dollar-buying and yen-selling.
The dollar was quoted at 146.30-40 yen at 5 p.m. Wednesday after briefly hitting 146.40 yen earlier in the day, compared with 145.36-38 yen late Wednesday in Tokyo.
The U.S. Federal Reserve on Wednesday released the minutes of its previous policy-setting meeting in late July, in which many participants hinted at the possibility of further monetary tightening. The revelation fueled speculation among investors that the central bank may continue its cycle of rate hikes, which carried 10-year interest rates to a 10-month high.
As the yen has been weakening against the dollar since earlier this month, Finance Minister Shunichi Suzuki said Tuesday that Japan will take "appropriate" action in response to excessive movement in foreign exchange rates.
Japanese monetary authorities have conducted multiple yen-buying, dollar-selling market interventions to arrest the yen's decline.
The euro was traded at $1.0873-0883 and 159.12-22 yen at 5 p.m. Wednesday in New York against $1.0922-0924 and 158.77-81 yen in Tokyo late in the day.
