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Dollar hits fresh 12-year high against yen
The dollar hit a fresh high of more than 12 years against the yen in Asia trade Tuesday, briefly breaking above the ¥125 mark before weakening on profit-taking and adjusting of positions.
The greenback USDJPY, -0.16% reached ¥125.07 in the morning, its highest since December 2002, before softening to ¥124.67. Those levels compare with ¥124.80 late Monday in New York.
The U.S. currency initially maintained its overnight gains following solid U.S. manufacturing data for May released by the Institute for Supply Management. Then a bout of dollar buying briefly pushed the dollar through option-related barriers around the ¥125 mark. Some of the dollar buying may have come from short-term players hoping to capitalize on extra gains in the dollar by triggering stop-loss buying orders above ¥125, though it isn’t clear whether they achieved this.
“After one hit (above ¥125), there was a sense of accomplishment, triggering an adjustment,” said Kengo Suzuki, chief FX strategist at Mizuho Securities.
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