(Update) Dollar Hits 37-Year High above 160.60 Yen

   London/New York, June 26 (Jiji Press)--The dollar climbed above 160.60 yen in London and New York trading on Wednesday, hitting its highest level since December 1986, as traders grew wary of possible market intervention by Japanese authorities.
   At 9:10 a.m. in New York, the dollar stood at 160.20-30 yen, up 0.59 yen from 5 p.m. the previous day.
   Dollar buying accelerated after the U.S. currency crossed the 160-yen threshold, which was seen as a "defense line" for Japanese currency authorities.
    The greenback was supported by a rise in U.S. Treasury yields after a senior U.S. Federal Reserve official made a negative remark about an early interest rate cut.
   Speaking to reporters in Tokyo, Masato Kanda, Japanese vice finance minister for international affairs, expressed "serious concern" about the yen's recent rapid weakening, but the market's reaction to the remark was limited.

(2024/06/26-23:46)

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