US dollar hits 6-week high of JPY 100 level in Tokyo

The US dollar hit a six-week high against the yen to breach the JPY 100 mark on Thursday as signs of US economic recovery raise expectations that the US Federal Reserve will soon cut its bond-buying program. At 5:10 p.m. (0810 GMT), the greenback fetched JPY 100.11-12 compared with JPY 99.70-80 in New York and JPY 99.58-59 in Tokyo at 5 p.m. Wednesday, hitting the psychologically important JPY 100 line for the first time since July 25. Federal Reserve data released on Wednesday showed that the US economy expanded at a moderate pace in July and August, led by consumer spending on cars and housing. The dollar has also risen against the yen since the US President Barack Obama put off a decision last weekend on a military attack on Syria, which reduced demand for the safe-haven Japanese currency. Reflecting the weaker yen, buy orders overwhelmed Tokyo stocks, sending the benchmark index to end at its highest level since August 6. The Nikkei 225 Stock Average on the Tokyo Stock Exchange (TSE) gained 10.95 points, or 0.08 percent, from Wednesday to 14,064.82. The broader Tokyo Stock Price Index, which includes all First Section issues on the TSE, advanced 1.54 points, or 0.13 percent, to 1,157.84.