Dollar rises to four-year peak vs yen on Fed minutes
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The dollar rose to a four-year peak against the yen, within striking distance of the key 100 mark, on Wednesday after minutes of the Federal Reserve's March meeting reinforced expectations of an end to its bond-buying sooner rather than later.
The Fed's stance stood in stark contrast to aggressive monetary easing steps from the Bank of Japan last week when it pledged to pump about $1.4 trillion into the economy in less than two years in a bid to beat decades-long deflation.
A few Fed policymakers expected to taper the pace of asset purchases by mid-year and end them later this year, while several others expected to slow the pace a bit later and halt the quantitative easing program by year-end, according to the Fed minutes, which were released ahead of schedule.
"Once again, the minutes have sounded a slightly more hawkish tone and that's really what's benefiting dollar/yen," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington.
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