14th November 2013
The dollar has reached its strongest level in two months against the yen today (November 14th), advancing in forex trading markets on the back of comments from Federal Reserve nominee Janet Yellen.
In a statement yesterday, Ms Yellen said the US labour market and economy are "performing far short of their potential", leading to suggestions the Fed will look to maintain its stimulus into 2014.
The yen began to slide after Japan's finance minister Taro Aso said the Bank of Japan will retain the option to intervene in the currency markets if required to curb excess volatility.
Data released today showed the country's economy expanded by 0.5 per cent in the third quarter, above the consensus estimate for a 0.4 per cent gain. However, the annual rate of growth dropped to 1.9 per cent, down from 4.3 per cent in the previous quarter.
As of 09:25 BST, the greenback was trading 0.62 per cent higher for the session at 99.87 yen.
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