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The greenback briefly touched 124.25 yen in Tokyo, its highest level since late 2002, before settling back to 124.14 yen. The dollar has resumed its bull run against the yen on growing expectations that the Federal Reserve will hike interest rates by the end of the year while the Bank of Japan is tipped to launch more stimulus to kickstart a sluggish economy.
Seven out of ten small British firms are aiming to pay off their debt and not borrow more, a survey published on Thursday showed. Many small businesses are wary of borrowing, distrusting banks following scandals including the mis-selling of interest rate hedging products and allegations about the way firms struggling to repay their debt are treated. Policymakers are worried that firms' reluctance to borrow to invest in their businesses could hamper economic growth.