Yen tumbles to lower 144 range vs. U.S. dollar, hits new 24-yr low

The yen tumbled to the lower 144 range and hit a new 24-year low of 144.38 against the U.S. dollar on Wednesday in Tokyo, as the currency market responded to speculation that the Federal Reserve will not halt its interest rate hikes any time soon following upbeat U.S. economic data.After topping the 143 line in New York overnight, the dollar continued to be bought in Tokyo as stronger-than-expected U.S. nonmanufacturing data from the Institute for Supply Management increased the likelihood that the Fed will continue with aggressive interest rate hikes, dealers said.Further hikes would lead …READ FULL ARTICLE