Investing.com – The U.S. dollar rose to a 7-month high against the yen on Thursday, as Japanese investors reportedly started Japan's fiscal new year by shifting funds abroad into higher-yielding currencies.
During European afternoon trade, USD/JPY hit 93.89, its highest since Aug. 28 last year. The pair subsequently consolidated around 93.8, still gaining 0.35%. The pair was likely to find resistance at 95.46, the high of Aug. 14, 2009, and support at 88.14, the low of March 4.
According to Reuters, Japanese investors on Thursday appeared eager to put money into overseas currencies and assets that offer higher returns than those in Japan, where interest rates are seen staying low indefinitely.
Also Thursday, a government report showed that the number of U.S. workers filing for unemployment benefits fell further than forecast last week. Earlier in the day, data showed that Japanese manufacturers' business confidence rose for a fourth consecutive quarter, as expected.
The Japanese currency also fell against the euro and sterling: EUR/JPY gained 0.26% to reach 126.61 and GBP/JPY jumped 0.68% to hit 142.89.
Meanwhile, U.S. Treasury Secretary Timothy Geithner on Thursday said the U.S. unemployment rate would remain "unacceptably high" for some time to come.
During European afternoon trade, USD/JPY hit 93.89, its highest since Aug. 28 last year. The pair subsequently consolidated around 93.8, still gaining 0.35%. The pair was likely to find resistance at 95.46, the high of Aug. 14, 2009, and support at 88.14, the low of March 4.
According to Reuters, Japanese investors on Thursday appeared eager to put money into overseas currencies and assets that offer higher returns than those in Japan, where interest rates are seen staying low indefinitely.
Also Thursday, a government report showed that the number of U.S. workers filing for unemployment benefits fell further than forecast last week. Earlier in the day, data showed that Japanese manufacturers' business confidence rose for a fourth consecutive quarter, as expected.
The Japanese currency also fell against the euro and sterling: EUR/JPY gained 0.26% to reach 126.61 and GBP/JPY jumped 0.68% to hit 142.89.
Meanwhile, U.S. Treasury Secretary Timothy Geithner on Thursday said the U.S. unemployment rate would remain "unacceptably high" for some time to come.