Dollar touches 101 yen, highest in 4 years
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The dollar extended its relentless rally against the Japanese currency on Friday to break above 101, its highest since April 2009, after shooting through the 100 mark in the previous session.
The dollar last bought 100.98 yen on the EBS trading platform, spurred on by signs of improvement in the U.S. labour market on Thursday and renewed debate by U.S. Federal Reserve officials about scaling back the central bank's asset purchases.
The yen's slide accelerated on Friday after Japanese government data showed domestic investors bought a net $5.2 billion of foreign bonds in the past two weeks, suggesting the Bank of Japan's aggressive easing may finally be pushing them to seek higher yields overseas.
"I think it's headed to 103 minimum. Now that the ceiling has been broken, there's no major resistance till 105. A 2 percent inflation target would be consistent with 104.5 to 105," said Kathy Lien, managing director at BK Asset Management in New York.
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