Dollar climbs to 115 yen, highest since March 2017

The U.S. dollar briefly climbed into the lower 115 yen range in Asian trading Tuesday, the highest level since March 2017, as expectations for an early interest hike by the Federal Reserve grew with Jerome Powell reappointed as chairman of the central bank.

The dollar rose after fetching 114.82-92 yen in New York and 114.21-23 yen in Tokyo at 5 p.m. Monday. Tokyo markets were closed Tuesday for a national holiday.

Earlier this month, the U.S. Federal Reserve decided to scale back asset purchases amid the economic recovery from the coronavirus pandemic, with speculation that the bank will raise interest rates next year in contrast to the Bank of Japan, which has kept its ultraeasy monetary policy intact.

© Kyodo News