The US dollar was little changed against the yen in midday trade here though it was well off its New York levels overnight, with the greenback having posted solid gains in recent days on the back of renewed expectations for further US interest rate hikes, dealers said.
'The dollar had risen 3.30 yen over the past four trading days and it was too fast,' prompting a mild technical correction from levels in New York, said Kikuko Takeda, a currency analyst at the Bank of Tokyo-Mitsubishi UFJ.
However with Federal Reserve officials expressing unhappiness over inflation levels, expectations for further Fed rate hikes have moved up considerably this week, and this could provide further support for the dollar in the near term.
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