MW: Intraday rally lifts U.S. dollar above 100-yen level
The U.S. dollar Friday traded at its highest level against the Japanese currency since October, briefly rising above the 100-yen threshold, before falling back to the upper 99-yen level.
In late Tokyo trade, the dollar was exchanged at 99.78 yen, up from Thursday's closing of level of 99.47 yen in New York. Friday's session saw the dollar at an intraday high at 100.15 yen, according to Factset.
Naomi Fink, Japan strategist at Bank of Tokyo-Mitsubishi UFJ, said in a note published earlier in the week that Japanese corporate profits were likely to turn higher in the second half of the fiscal year which began April 1.
