The yen climbed across the board yesterday after gross domestic product data for the fourth quarter of 2006 showed that the economy performed well above expectations.
The dollar fell to a one month low of ¥119.77 before recovering slightly to ¥120.12 while the euro fell to ¥157.74. Both were around 0.5 per cent down over the day.
The October to December figures showed that the economy expanded 3.8 per cent, a full percentage point above market expectations, on healthy consumer spending.
"It was considerably above expectations," Masafumi Yamamoto, currency strategist at Nikki Citigroup, told Reuters. "The market showed a pretty big reaction."
"It will be a positive factor for people who want to raise interest rates, and a rise in rate rise expectations will be a reason to buy yen."
The dollar also fell as Federal Reserve chief Ben Bernanke told a congressional board that inflationary pressures in the US are easing.
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