The dollar rose against the yen on Wednesday as the prospect of higher U.S. interest rates as a result of rising inflation there continued to support the currency, the Associated Press reported. The greenback climbed to 107.64 yen compared with 107.31 yen in New York on Tuesday. The G-8 finance minister's gathering in Osaka, in western Japan, is expected to address the state of the global economy and financial markets, soaring oil and food prices and climate change. The euro rose in tandem with the dollar against the Japanese currency and is likely to continue its upward trend on expectations of a near-term rate hike in Europe. Against the greenback, the euro rose to US$1.5473 compared with US$1.5459 in New York on Tuesday. The dollar was mixed versus other Asian currencies. It rose to 33.140 Thai Baht, but dropped to 1.3726 Singapore dollar.
