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Yen surges to six-week high on signs of easing U.S. inflation

Currency, stock markets react to prospect that Fed will slow rate hikes

The yen strengthened against the dollar following a report showing that inflation is easing in the U.S. (Photo by Koji Uema)

TOKYO -- Japan's currency rose sharply against the dollar in New York trading on Thursday, hitting the 140 yen range at one point as new data showed U.S. inflation cooling.

The yen was hovering around 146 to the dollar before the inflation data was announced and jumped by 6 yen at one point afterward.

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