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US Dollar Surges to One-Week High Against Yen on Inflation Data, Approaches Key Level

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Updated Oct 13, 2023, 08:16 AM

The US dollar has reached a session high against the yen following the release of inflation data, with a 0.2% increase to 149.43 yen. The dollar continues to rise against the yen, reaching a more than one-week high, with a 0.3% increase to 149.63 yen. A Japanese official from the G-7 has stated that excessive foreign exchange movements are problematic. The yen is approaching a key level of 150 against the dollar due to the widening yield gap between the two currencies on the back of hot inflation data. S&P has stated that Japan's economy is strong enough to handle rising yen rates.

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