Dollar Hits New High Against Yen

On Thursday, the American dollar reached its highest point against the Japanese yen since mid-July. This surge followed the release of the latest job data, which showed an increase in continuing jobless claims by 46,000 to 1,910,000. While higher unemployment may signal a potential weakness in the labor market, this data could also represent a temporary fluctuation, which seemed to strengthen the dollar's position.

Japan's Economic Growth Estimate Downgraded

In contrast, Japan has revised its 2024 economic growth estimate downward to 0.4%, a decrease from the previous forecast of 0.7%. This adjustment has contributed to the yen's depreciation against the dollar.

The greenback experienced a significant rise, surging 0.37% against the Japanese yen, with the exchange rate reaching 157.9425.