The dollar advanced higher against the yen today (June 21st) and looks set to record its largest weekly gain against the Japanese currency since December 2009.
Since the US Federal Reserve announced on Wednesday that intends to scale back its asset purchases before the end of the year, the greenback has strengthened by 3.7 per cent against the yen.
The Fed kept its quantitative easing programme unchanged following a two-day policy meeting, but the central bank's chairman confirmed it will begin to reduce its $85 billion per month bond purchases if it continues to see signs of economic growth in the country.
Mr Bernanke said: "If the incoming data are broadly consistent with this forecast, the committee currently anticipates that it would be appropriate to moderate the pace of purchases later this year."
As of 15:15 BST, the greenback was 0.41 per cent higher versus the yen for the forex trading session at 97.86 yen.
