Dollar near eight-year high against yen

TOKYO: The dollar was sitting around eight-year highs against the yen on Wednesday following upbeat US data, while the euro came under further selling pressure over growing fears Greece will default on its debt obligations.
In Tokyo, the greenback bought 123.08 yen, little changed from 123.09 yen in New York, where it passed the 123.30 yen level at one point, its highest since mid-2007.
Figures Tuesday that showed improvements in US consumer confidence, home sales and prices, and orders for core industrial goods pointed to a pick-up in growth in the world’s biggest economy after a weak first-quarter.
The latest results, along with comments Friday from Federal Reserve chief Janet Yellen that she expects to hike interest rates “at some point this year”, put talk of a rate increase back on the table – a plus for the dollar.
“Looking at Yellen’s comments from the end of last week, it seems like she’s determined to act this year,” said Yasuhiro Kaizaki, vice president for global markets at Sumitomo Mitsui Trust Bank. “Until recently, I think people were only really buying the dollar against the euro, but it’s clear now that you can buy the dollar against many different currencies.”