In Tokyo trading on the 2nd, dollar-yen remained soft. After briefly exceeding ¥158 during the day, it fell into the ¥157 range in the afternoon. The move was attributed to rising crude oil prices and movements in long-term U.S. interest rates, with the trading range at ¥157.62–¥158.22.
Dollar-yen was soft in Tokyo trading on the 2nd. Dollar buying led the market as crude oil prices rose, pushing the exchange rate temporarily up to ¥158.22.
In the afternoon, dollar selling took over as long-term U.S. interest rates fell, sending the exchange rate temporarily down to ¥157.62. Concerns about coordinated intervention by Japan and the United States remained strong, limiting any subsequent recovery. The trading ranges so far were ¥157.62–¥158.22 for dollar-yen, ¥177.37–¥177.79 for euro-yen, and $1.1231–$1.1256 for euro-dollar.