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TOKYO: The dollar firmed a little but languished close to 17-month lows against the yen on Friday, with the Japanese currency poised for weekly gains against its major counterparts despite verbal warnings from Japanese officials.
Underpinning the greenback, a less cautious tone from Federal Reserve Chair Janet Yellen reminded investors that U.S. interest rate hikes are likely still in the cards this year, and Japanese Finance Minister Taro Aso let them know direct intervention is also possible.
Speaking at a panel with former chiefs of the U.S. central bank, Yellen said late on Thursday that the labour market was "close" to full strength and that inflation was currently held back by temporary factors. She said the economy is on a solid course and still on track to warrant further interest rate hikes.
But the dollar's big picture still shows expectations of waning strength. A Reuters poll of strategists released on Thursday showed the dollar rally that began in mid-2014 has nearly run its course and will only gain slightly over the coming year, with respondents saying risks to their forecasts are tilted more to the downside.
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