ForexLive Asia-Pacific FX news wrap: USD/JPY hits its highest since 1990

The US dollar continued its upward trend against the Japanese yen, reaching its highest level since 1990. The strong performance of the US dollar was driven by positive economic data and increasing expectations of a potential interest rate hike by the Federal Reserve.

The USD/JPY pair broke through the 120 level, reaching a high of 121.50 before retracing slightly. The yen has been under pressure due to the Bank of Japan's aggressive monetary easing policies, which have weakened the currency and made it more attractive for investors to hold US dollars.

In other news, the Australian dollar also saw gains against the US dollar, reaching a high of 0.7600 as positive economic data and rising commodity prices boosted the currency. The New Zealand dollar also performed well, reaching a high of 0.6950 against the US dollar.

Overall, the US dollar remained strong in the Asia-Pacific region, with the USD/JPY pair leading the way in reaching its highest level in over three decades. The currency's performance was driven by positive economic data and increasing expectations of a potential interest rate hike by the Federal Reserve.