TOKYO - The U.S. dollar held mostly near a fresh 39-year high in the lower 163 yen range in Tokyo Wednesday, as safe-haven buying driven by escalating Middle East tensions appeared to outweigh Japan's warning that it was ready to take appropriate action if needed.
Growing speculation that the U.S. Federal Reserve could raise interest rates in response to inflationary pressure from rising crude oil futures also fueled dollar-buying in New York, pushing the currency above 163 yen overnight to 163.24, its highest level since December 1986.
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