NEW YORK: The dollar rose to an eight-year high against the yen on Tuesday as the U.S. currency found steady bids on the back of expectations that the Federal Reserve may begin raising interest rates as early as summer.
In contrast, the Bank of Japan remains deeply committed to monetary easing, buying large amounts of Japanese government debt to support its quantitative easing scheme.
The dollar was up 0.6 percent at 121.95 yen after touching 121.04 yen, highest since July 2007.
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