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Yen firms past ¥113 per dollar after S Korea, US hold joint drill

Japan’s yen has strengthened past the ¥113 per dollar mark after South Korean and US armed forces held a joint drill in response to the launch by North Korea on Tuesday of its first intercontinental ballistic missile.

The currency was 0.3 per cent firmer at 112.92 in Asia trading on Wednesday after firming as much as 0.1 per cent previously.

North Korea claimed on Tuesday to have launched its first intercontinental ballistic missile, an achievement that would be a significant step towards developing a nuclear weapon capable of hitting the US.

The US-South Korean military exercise held involved “deep strike precision” capabilities that the US said enable the allies to “engage the full array of time critical targets under all weather conditions”, US media reported.