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TOKYO — The yen dropped to the mid-154 range against the dollar on Monday, touching the lowest level since June 1990 as speculation about early U.S. interest rate cuts receded amid persistent inflation.
The dollar is rising against a broad range of currencies in the face of a strong U.S. economy. Betting that the situation in the Middle East is unlikely to deteriorate quickly, speculators are building up short yen positions, hastening the Japanese currency’s fall.
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