The dollar continued its renewed upward march Friday in Tokyo, momentarily touching 143.00 yen in the afternoon, amid fading fears of central bank intervention.
The U.S. unit was changing hands at 141.92-95 yen at 3 p.m., up from 140.90-93 yen late Thursday. It had traded at around 135 yen late last week.
The dollar has recouped nearly all of its losses since the June 17 intervention by U.S. and Japanese monetary authorities in markets overseas. With the central banks showing no signs of resuming their intervention, a flight of money into higher-yield U.S. securities is gathering momentum again, bank officials said.
Given a wide gap in economic fundamentals between the United States and Japan and low returns on investment in Japanese securities, the dollar appears poised to gain further ground, they said.
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