Yen hits new 32-year low of 148 under pressure from strong dollar

Yellen signals U.S. wouldn't support a coordinated intervention

The yen hovered in the mid-148 range against the dollar during midday trading in New York. (Photo by Konosuke Urata)

TOSHIHIRO SATO, Nikkei staff writer

October 14, 2022 23:21 JST

Updated on October 15, 2022 04:48 JST

TOKYO -- Japan's currency weakened past 148 yen to the dollar during New York trading Friday, hitting a fresh 32-year low as traders look to the prospect of further aggressive interest rate hikes by the U.S. Federal Reserve.

The yen slipped to the high 148 range after breaking the 147 level the day before. September U.S. retail sales data on Friday fell within market expectations, providing a boost for an already strong dollar.