USD/JPY extended its decline in the Tokyo market, falling as low as 157.54. Major currencies remained volatile amid continued yen buying, as expectations of an accelerated pace of tightening by the Bank of Japan intersected with concerns that tensions in the Middle East could persist.
USD/JPY extended its decline in the Tokyo market, temporarily falling as low as 157.54. Yen buying continued, with expectations of an accelerated pace of tightening by the Bank of Japan also attracting attention as a market factor.
The trading spread to cross-yen pairs, which were generally weaker. EUR/JPY also moved to test lower levels.
The article gave the trading ranges as 157.54-158.96 for USD/JPY, 182.75-184.17 for EUR/JPY, and 1.1583-1.1599 for EUR/USD.
The background included concerns that turmoil in the Middle East could drag on, while the weakening oil market was also seen as providing some impetus for dollar selling.