In the New York foreign exchange market on the 16th, dollar-yen fell to ¥157.70 before rebounding to ¥158.34. The reported view was that the dollar is likely to face downward pressure when ¥160 is viewed as a key level.
In the New York foreign exchange market on the 16th, dollar-yen fell to ¥157.70 before rebounding to ¥158.34. It was reported that trading levels serving as key market thresholds prompted short-term price movements.
The reported key point was that there were periods when ¥160 was viewed as a key level, against which the dollar was considered likely to face downward pressure. Specific reasons and the responses of market participants are provided in the main text.
The move was driven primarily by developments in the New York market, with the approach of ¥160, a psychological threshold, cited as a factor behind the rapid currency movement. Developments in that market are expected to remain in focus.