Despite persistent warnings from Japanese officials about potential currency intervention, USD/JPY climbed to its highest level since the mid-1990s at 155.17 in Wednesday's New York session.
Australian inflation data released this morning pushed back expectations for a Reserve Bank of Australia (RBA) rate cut from September to November, bolstering AUD/USD.
The United States, Japan, and South Korea have agreed to closely consult on exchange rate issues. The market sees it as a precursor to currency intervention.