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href="/web/20160602075041/http://asia.nikkei.com/print/article/174917" target="_blank">Print</a></li> </ul> </div> <div class="article-box"> <div class="detail"> <div class="feature-article"> <div class="date-area">May 19, 2016 6:09 pm JST</div> <h1 class="title">Dollar hits 3-week high vs. yen after hawkish Fed minutes</h1> </div> </div> </div> <div class="article-box detail"> <div class="wysiwyg_area"> <div class="articleBodyText"> <p>TOKYO (Kyodo) -- The U.S. dollar hit a three-week high above the 110 yen line Thursday in Tokyo after the minutes of the U.S. central bank's latest policy meeting rekindled expectations of an early interest rate hike.</p><p>The dollar rose to 110.39 yen at one point before fetching 110.07-09 yen at 5 p.m., compared with 110.14-24 yen in New York and 109.42-44 yen in Tokyo at 5 p.m. Wednesday. It changed hands most frequently at 110.07 yen and its lowest quote for Tokyo trading was 109.94 yen.</p><div class="page_limit free"></div><div class="page_limit"></div><p>The euro was quoted at $1.1218-1219 and 123.48-52 yen against $1.1210-1220 and 123.53-63 yen in New York and $1.1265-1266 and 123.26-30 yen in Tokyo late Wednesday afternoon.</p><p>Inheriting upward momentum from overnight trading in New York, the dollar kept steady above the 110 yen line almost throughout the day in Tokyo as the minutes from the April meeting of the Federal Reserve's policy-setting committee showed a rate hike at its meeting in June is still a possibility if economic data continue to improve.</p><p>"It likely would be appropriate for the committee to increase the target range for the federal funds rate in June," the minutes said, noting that most participants in the meeting thought this would be the case if upcoming data turned out to be consistent with economic growth.</p><p>Yukio Ishizuki, senior foreign exchange strategist at Daiwa Securities Co., said that although few market participants were entertaining the possibility of an early U.S. rate hike not so long ago, the minutes sharply boosted bets on an imminent move by the Fed, driving the dollar higher broadly against other currencies.</p><p>Traders "suddenly became conscious of the possibility of an imminent rate hike," Ishizuki said.</p><p>Market players are looking to upcoming speeches by Federal Reserve officials, including one by Vice Chairman Stanley Fischer later in the day, as well as U.S. economic data for further hints as to the timing of the Fed's next move.</p><p>"With U.S. Treasury yields and the dollar having moved so much (after the release of the minutes), attention is being paid to (the speeches and data) as well as how the yields and the dollar would react to them," said Junya Tanase, chief foreign exchange-emerging market strategist at JPMorgan Chase Bank.</p><p>Another focus for investors is what Group of Seven finance chiefs will have to say about Japan's readiness to intervene in the currency market in the event of the yen's continued rise when they meet from Friday, dealers said.</p><div class="page_break auto free"></div><div class="page_break auto"></div><p>The two-day ministerial meeting in Sendai in northeastern Japan comes after the United States warned against competitive currency devaluations.</p><p>The dollar also largely maintained its overnight gains against the euro at around $1.1220 per euro, while the single European currency changed little in the mid-123 yen zone.</p> </div> </div> <div id="modal-screen_zoom"></div> </div> <div class="pagination no-border"></div> <div class="OUTBRAIN" data-src="https://web.archive.org/web/20160602075041oe_/http://asia.nikkei.com/Markets/Tokyo-Market/Dollar-hits-3-week-high-vs.-yen-after-hawkish-Fed-minutes" data-widget-id="AR_1" data-ob-template="Nikkei_Asian_Review_EN"></div> <div class="OUTBRAIN" data-src="https://web.archive.org/web/20160602075041oe_/http://asia.nikkei.com/Markets/Tokyo-Market/Dollar-hits-3-week-high-vs.-yen-after-hawkish-Fed-minutes" data-widget-id="AR_3" data-ob-template="Nikkei_Asian_Review_EN"></div> <script class="OUTBRAIN" type="text/javascript" async="async" src="//web.archive.org/web/20160602075041js_/http://widgets.outbrain.com/outbrain.js"></script> <div class="link-box GCCMD_removeall">  <h2 class="title">Follow Nikkei Asian Review</h2> <div class="follow-nar"> <dl> <dt><div class="fb-like" data-href="https://www.facebook.com/nikkeiasianreview/" data-layout="button_count" data-action="like" data-show-faces="false" data-share="false"></div></dt> <dd class="Facebook">The best content posted</dd> <dt class="Twitter"><a href="https://web.archive.org/web/20160602075041/https://twitter.com/NAR" class="twitter-follow-button" data-show-count="false">Follow @NAR</a> </dt> <dd class="Twitter">The latest headlines tweeted</dd> </dl> </div> </div> </div> <script type="text/javascript">  </script> <script type="text/javascript">  </script> <script>  </script> <link rel="stylesheet" href="/web/20160602075041cs_/http://asia.nikkei.com/css/article_pagination_v001.css"/> <script type="text/javascript" src="/web/20160602075041js_/http://asia.nikkei.com/js/497390b.js"></script> <script type="text/javascript">  </script> </div> <div class="secondary"> <script type="text/javascript" src="https://web.archive.org/web/20160602075041js_/http://www.nikkei.co.jp/gifdata/indices.js"></script> <script src="/web/20160602075041js_/http://asia.nikkei.com/JavaScript/custom/market_v001.js"></script> <div class="link-box GCCMD_removeall"> <h5 class="title">Market data</h5> <table class="market-data"> <tr class="odd"> <th>Nikkei 225</th> <td> <script type="text/javascript"> document.write(NK225_CUR); 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