In New York trading on Friday, the Japanese yen appreciated against nearly all of its G-10 counterparts, including the US dollar and the euro.

The Bloomberg Dollar Index remained essentially unchanged on Friday. The USD/JPY pair fell as much as 0.9% to 158.17 during the session. On Thursday, the exchange rate had touched a low of 157.98 amid market speculation that Japanese authorities intervened to bolster the yen.

The EUR/JPY pair also dropped by 0.9% on Friday. Meanwhile, the Bloomberg Dollar Index held steady after declining nearly 1% in the previous session. The EUR/USD pair was trading near 1.1530.

Inflation in the Eurozone increased in July, reinforcing market expectations that the European Central Bank will need to raise interest rates again. The USD/NOK pair slid 0.6% to 9.477, its lowest level since June 17. The Norwegian krone was the top performer among G-10 currencies against the US dollar. The currency was supported by rising oil prices as traders assessed supply risks emanating from the Persian Gulf to the Black Sea region.