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Japanese yen falls to 140 per dollar for 1st time since 1998

Prospect of further U.S. interest rate hikes drive sell-off

The Japanese currency has fallen by 25 yen against the dollar since the beginning of this year.    © Reuters

NEW YORK/TOKYO -- The Japanese yen on Thursday fell to 140 yen per dollar, reaching a level last seen in August 1998.

The sell-off in the yen continued, with investors expecting the interest rate gap between Japan and the U.S. to widen as the Bank of Japan remains committed to its ultraloose monetary policy while the Federal Reserve signals further rate hikes.

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