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Dollar hits six-month high of lower JPY 113 level

TOKYO, July 18 (KUNA) -- The US dollar hit a six-month high against the Japanese yen into the lower 113 yen range on Wednesday in Tokyo on growing expectation of higher US interest rates.
At 3:35 p.m. (0635 GMT), the greenback traded at JPY 113.09-10 versus JPY 112.85-95 in New York and JPY 112.34-35 in Tokyo at 5 p.m. Tuesday. The dollar climbed to JPY 113.08 at one point in the morning, its highest level since January 9.
On Tuesday, US Federal Reserve Chairman Jerome Powell said that the American central bank will continue to gradually raise interest rates, which would further widen gap between Japanese and US rates. Reflecting the weaker yen, buy orders overwhelmed Tokyo stocks, sending the benchmark index to end at its highest level since June 15.
The Nikkei 225 Stock Average on the Tokyo Stock Exchange (TSE) gained 96.83 points, or 0.43 percent, from Tuesday to 22,794.19.
The broader Tokyo Stock Price Index, which includes all First Section issues on the TSE, advanced 6.16 points, or 0.35 percent, to 1,751.21. The weak yen supports exports by making Japanese products more competitive overseas and increase the value of repatriated overseas earning. (end) mk.tg