Dollar climbs atop ¥111 after Fed’s Yellen fuels rate-hike fever

The dollar advanced to a one-month high against the yen on n Monday, tracking its weekend gains after U.S. Federal Reserve Chairwoman Janet Yellen signaled an interest-rate rise was likely coming soon.

The dollar USDJPY, +0.12%  strengthened to ¥111.15 in the early afternoon Asia session, its highest since April 28, and remaining at those levels throughout Europe’s trading day. This compares with ¥110.38 late Friday in New York.

Yellen, speaking at an event at Harvard University, said it would be appropriate for the Fed to raise rates “gradually and cautiously” if the economy and the labor market continued to improve.

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