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The US dollar strengthened close to ¥120, the highest since July 2007, as analysts predicted US job growth would escalate while Japan would remain in recession.
“It’s still the divergent-growth, divergent-policy story. We are seeing capital flows out of Japan, and I think that helps bring capital out and continues this movement down in the yen,” said Robert Sinche, Global Strategist at Amherst Pierpont Securities LLC.
The greenback climbed 0.1% to ¥119.93 at 12:32 p.m. in Tokyo after rising to ¥119.94. The currency was slightly changed at $1.2307 per euro after increasing to $1.2301 yesterday, the firmest since August 2012.