The U.S. dollar hit a one-month high above the 111 yen line Monday in Tokyo as remarks by Federal Reserve Chair Janet Yellen bolstered expectations of a near-term U.S. interest rate hike.
The dollar climbed to 111.44 yen at one point before fetching 111.35-38 yen at 5 p.m., compared with 110.33-43 yen in New York and 109.77-78 yen in Tokyo at 5 p.m. Friday. It changed hands most frequently at 110.82 yen, and its lowest quote during Tokyo trading was 110.42 yen.
The euro was quoted at $1.1122-1124 and 123.86-90 yen against $1.1110-1120 and 122.48-58 yen in New York and $1.1175-1176 and 122.67-71 yen in Tokyo late Friday afternoon.
The U.S. central bank chief said during an appearance at Harvard University on Friday that a rate hike would be appropriate “probably in the coming months” if the economy continues to improve.
Her comments were seen as the latest hints of an approaching U.S. rate hike after a series of hawkish comments from Fed officials already boosted dollar-bullish bets.