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Dollar towers at two-decade high on growth woes, Fed outlook

The latest uptick was thanks to the Bank of Japan, which sent the yen falling through 130-per-dollar for the first time since 2002 on Thursday when it reinforced a commitment to its super-low yield policy.

April 29, 2022 / 07:21 AM IST
Representative image

Representative image

The dollar held firm at a 20-year high on Friday and was poised to score its best monthly gain in a decade, buoyed by bets on rising U.S. interest rates and doubts about growth in Europe and China.

The latest uptick was thanks to the Bank of Japan, which sent the yen falling through 130-per-dollar for the first time since 2002 on Thursday when it reinforced a commitment to its super-low yield policy.

The yen was last at 130.72 per dollar after falling as low as 131.25 overnight following the BOJ's pledge to buy endless amounts of bonds daily as needed. The yen is down almost 7 percent in April, its worst month since Nov. 2016.

"Even though the BOJ had shown no sign of baulking on its commitment to its yield curve control policy, the market clearly still harboured suspicions that it might," said Rabobank strategist Jane Foley.