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TOKYO, Aug 10 (Reuters) - The dollar rose to a one-month high against the yen on Thursday, above 144 yen, as differences in monetary policy took center stage for investors ahead of key U.S. inflation data due later in the day, which should Will guide the direction of interest rates.
Meanwhile, the yuan edged further down from a one-month low after the People's Bank of China again set a stronger-than-expected intermediate guidance for interest rates, showing displeasure with recent weakness. That helped the Australian and New Zealand dollars recover from near two-month low
s.
The U.S. dollar rose to 144.08 yen for the first time since July 7, on expectations that the Bank of Japan will slowly unwind stimulus, even as traders mostly bet the Fed is done raising interest rates.
A rise in crude oil prices to their highest since January also weighed on Japan's currency, as the resource-poor country is a major oil importer.
Although the BOJ decided to loosen its grip on long-term yields late last month, policymakers have highlighted the change as a technical adjustment to prolong the shelf life of stimulus, largely dictated by negative short-term rates.
Commonwealth Bank of Australia strategist Kristina Clifton wrote in a note: "Weak Japanese labor cash earnings data earlier this week bolstered our confidence that the BOJ will continue to support the balance sheet for the rest of the year. The interest rate will remain unchanged at -0.1%.
"The relative monetary policy outlook between the U.S. and Japan suggests USD/JPY could be supported."
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The greenback was muted relative to rivals ahead of the CPI data, with the U.S. dollar index , which measures the greenback against the yen and five other currencies including the euro and sterling, little changed at 102.50 in Asian afternoon, close to a roughly 101.98 to 101.98 range for the week. Center of 102.80.
Still, the index rose 0.5% compared with Friday, making it its fourth straight weekly gain.
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