TOKYO -- The Japanese government kept quiet on the yen's climb to a five-month high against the dollar, wary of provoking the U.S. at a delicate time by making a flagrant attempt to halt the currency's gains.
"No comment," said one Ministry of Finance official of the yen's advance. Another government insider pointed out that the rise is "not rapid." As many see it, there is nothing to indicate a change in the pace of U.S. interest rate hikes, which favor a stronger dollar, or the outlook for the U.S. economy.
