Yen briefly falls to 150 against dollar

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The Japanese currency dropped to the upper 150-yen range against the dollar at one point in New York on Thursday. It is the first time in about four months that the yen has fallen to that level.

The move comes after the Bank of Japan decided to keep its benchmark interest rate unchanged. Speculation grew that the rate gap between Japan and the United States is unlikely to narrow soon.

Investors continued to sell the yen to buy the dollar as a key US price index released on Thursday rose more than market expectations while Federal Reserve Chair Jerome Powell maintains a cautious stance on lowering interest rates.

Market sources say there is momentum to buy the dollar as speculation spreads that the Fed is in no rush to cut interest rates with recent economic indicators suggesting the US economy is robust.



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