The yen's decline against the dollar prevailed in the London market, heightening market nerves ahead of the US Fed chair's speech in Jackson Hole. Meanwhile, the Ministry of Finance announced that foreign-exchange intervention over the past month had reached a record high, but the yen continued to move steadily lower.
The yen's decline against the dollar prevailed in the London market, with dollar buying strengthening ahead of US Fed Chair Warsh's speech. NY crude oil futures were stable near $83, while the US 10-year Treasury yield was around 4.68%.
USD/JPY traded in the upper ¥159 range. After falling to around 159.30 during Tokyo hours, it was bought up to the 159.50 range, briefly correcting to around 159.40 before rising again. During London hours, it extended its high to around 159.70.
EUR/JPY and EUR/USD were bought, but their ranges were limited. EUR/JPY moved just below ¥186, while EUR/USD traded from the mid-1.16 range toward the lower half of that range. Pound-related trading continued around the upper 1.35 range.
The Ministry of Finance released the amount of foreign-exchange intervention conducted over the past month, which reached a record ¥15.3993 trillion. Despite this, the yen continued to weaken steadily.