TOKYO The dollar resumed its uptrend against the yen Thursday after suffering a sharp sell-off in the previous session, with analysts tipping the greenback to extend its gains.
On Thursday, the dollar recovered some ground, buying ¥123.06 from ¥122.67 in New York trading. The greenback topped the ¥125 level, a 13-year high, earlier this week.
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Bank of Japan chief Haruhiko Kuroda sent the yen soaring Wednesday when he said the Japanese unit’s recent sell-off was “unlikely” to continue, even if the Federal Reserve hikes interest rates. The dollar fell to ¥122.70 around ¥124.50.
“Everyone was troubled with the recent plunge in the yen to the 125-level, so Kuroda’s comments became a welcome rain in the drought,” said Daisaku Ueno, chief currency strategist at Mitsubishi UFJ Morgan Stanley Securities.
