US dollar tops 100-yen mark ahead of emerging jobs data
AFPTOKYO--The dollar topped the 100-yen mark on Thursday as the greenback won support from growing expectations of strong US jobs data while the Bank of Japan issued an upbeat assessment of the world's third-largest economy.
September 7, 2013, 12:03 am TWN
The greenback fetched 100.07 yen against 99.74 yen in New York Wednesday afternoon, climbing above the psychologically important mark for the first time since late July.
The euro also strengthened against the Japanese unit at 131.84 yen from 131.70 yen, while it slipped to US$1.3172 from US$1.3204.
Expectations are growing that the U.S. will see strong payrolls data this week, which could seal the deal for the Federal Reserve to start tapering its massive bond purchases later this month, a move likely to boost U.S. bond yields and the dollar.
The Japanese central bank's board on Thursday voted unanimously to hold off expanding its own massive monetary easing program as it wrapped up a two-day policy meeting, saying in a statement that the “economy is recovering moderately”.
The planned doubling of Japan's sales tax to 10 percent by 2015 is seen as crucial to paring its massive national debt, but some fear the rate hike will cripple Tokyo's bid to stimulate consumer demand and derail any recovery.
The dollar was mixed against other Asia-Pacific currencies.
The Indian rupee surged for a second day, to 66.24 against the dollar from 67.75 Wednesday as new Reserve Bank of India governor Raghuram Rajan outlined a reform plan aimed at boosting the slumping economy.
The dollar also weakened to 44.32 Philippine pesos from 44.60 pesos, while rising to 11,565 Indonesian rupiah from 11,395 rupiah and to SG$1.2775 from SG$1.2769. It was flat at 1,097 South Korean won, 32.25 Thai baht.
The Australian dollar rose to 91.56 US cents from 90.92 cents. The Chinese yuan was unchanged at 16.27 yen.