The dollar hit a one-month high against the yen on Wednesday as investors reversed bets made against the greenback on speculation that the U.S. Federal Reserve would not hike interest rates anytime soon.
The U.S. currency has gained almost 3 per cent versus the yen since Friday, when Fed Chair Janet Yellen and Vice Chair Stanley Fischer kept open the possibility of a 2016 rate hike, perhaps as soon as September, at a meeting of central bankers in Jackson Hole, Wyoming.
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