Yen back above ¥100 on Fed’s cautious stance over rate hikes

The yen gained traction against its peers during Asian morning trade Thursday, rising above the ¥100 — line versus the dollar again, on the Federal Reserve’s cautious stance in raising rates and weakness in Tokyo stocks prompting buying of the Japanese currency.

The greenback USDJPY, -0.43%  fell to as low as ¥99.64 earlier in the session, coming close to ¥99.55 set on Tuesday — the lowest level since the U.K.’s decision to leave the European Union in late June. The U.S. currency rose back above the ¥100 — threshold, changing hands at ¥100.16, but still below ¥100.28 late Wednesday in New York.

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