The U.S. dollar briefly rose above the 150 yen line Friday in London trading amid renewed expectations of further interest rate hikes by the Federal Reserve.
Prospects of additional U.S. rate hikes were rekindled after Fed Chief Jerome Powell indicated the possibility of further tightening monetary policy to cool the economy after stronger-than-expected economic data released recently.
The U.S. currency last topped the psychologically important 150 yen threshold on Oct. 3.
The dollar has been drawing buying amid the prospect of a further widening of the U.S. and Japanese interest rate differential, with the Fed continuing to keep rates at an elevated level to curb inflation while the Bank of Japan maintains its ultraeasy monetary policy.
Wariness over a possible yen-buying intervention by Japanese authorities had previously prevented the dollar from crossing the 150 yen line.
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