(MENAFN– ecpulse)
The US dollar remained at its highest level in 7 years against the Japanese yen on Wednesday following ratings agency Moody’s downgrading Japan’s sovereign debt yesterday.
The yen has weakened broadly after the ratings agency’s decision yesterday, in addition to the diverging policy between the Federal Reserve and the Bank of Japan, which continued to pressure the yen lower.
The dollar is still gaining support against major currencies in light of the continued indications of US economic recovery, and ahead of the US jobless claims data to be released tomorrow.
USD/JPY pair touched highs of 119.44, the most since August 2007, and traded around 119.30 at 09:10 GMT.
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