Dollar hits nearly 8-year high of JPY 122 level

The US dollar rose to the lower 122 yen range on Tuesday in Tokyo, the highest in seven years and eight months, on expectations that the US Federal Reserve will raise interest rates in the near future. At 3 p.m. (0600 GMT), the greenback fetched JPY 121.81-84 compared with JPY 121.10-20 in New York and 120.87-89 in Tokyo at 5 p.m. Monday.
The dollar climbed to JPY 122.04 at one point in the afternoon, its highest level since July 20, 2007.
Federal Open Market Committee policy meeting is scheduled to be held next week amid speculation whether the US central bank will interest rates in the second half of this year. The meeting will also come following the better-than-expected American monthly jobs data released last Friday.