In Tokyo trading on the 29th, USD/JPY showed a sluggish recovery, with dollar selling driven by lower long-term US yields and falling crude oil prices. At the same time, concerns over coordinated intervention by Japan and the US spread, limiting the recovery.
In Tokyo trading on the 29th, USD/JPY changed from 157.58 to 157.20. Softer long-term US yields and weaker crude oil prices prompted dollar selling, but concerns over intervention remained strong, limiting the recovery. The trading ranges were 157.20–157.58 for USD/JPY, 178.66–179.12 for EUR/JPY, and 1.1355–1.1374 for EUR/USD.
Although buying back dollars emerged at lower levels, selling and buying were mixed as market participants remained mindful of the possibility of coordinated intervention by Japan and the US, and the overall recovery remained limited. Market participants indicated that they were monitoring whether intervention would take place while watching future developments.
EUR/JPY and EUR/USD also moved within their respective ranges, with EUR/JPY trading at 178.66–179.12 and EUR/USD at 1.1355–1.1374.