TOKYO, Sept. 4 (Xinhua) -- The Japanese yen briefly strengthened into the lower 155 range against the U.S. dollar in early Tokyo trading Friday, after surging over 3 yen in New York from the previous day's level, as bets that the Bank of Japan (BOJ) will raise interest rates at its mid-September policy meeting spurred buying of the currency.
At 9 a.m. local time, the U.S. dollar changed hands at 155.66-67 yen before falling to 155.29 yen, compared with 155.75-85 yen in New York and 157.03-06 yen in Tokyo at 5 p.m. Thursday.
The yen's rise partly reflects speculation that the interest rate differential between Japan and the United States will narrow in the near term. While BOJ Governor Kazuo Ueda has voiced readiness to raise interest rates in consideration of economic and price conditions, market expectations are building that the U.S. Federal Reserve will hold interest rates steady for the time being as inflationary pressure eases. ■
