The yen continued to fall against the U.S dollar Thursday in Tokyo, hitting a fresh 24-year low at the ¥139 level, as as a stronger-than-expected U.S. consumer price index raised prospects of aggressive rate hikes by the Federal Reserve.
The yen fell to its lowest level against the dollar since September 1998 after overnight data showed U.S. inflation surged to 9.1% in June from a year earlier, rising at the fastest pace in more than 40 years and exceeding the market consensus of 8.8%.
Dollar-buying by domestic importers for settlement purposes also pushed the yen down, dealers said.