TOKYO -- Remittances by foreign workers in Japan sending money back home could become a formidable force that puts downward pressure on the Japanese yen in the long run.
The yen briefly strengthened to the 148 range to the dollar Tuesday, the highest level since mid-October. An anticipated rate cut in the U.S. and a likely rate increase in Japan have raised the prospect of a narrowing interest rate gap, prompting yen-buying against the dollar.
