The dollar-yen rate was trading around the mid-¥155 range at 3 p.m. in the Tokyo market. With markets broadly awaiting the Bank of Japan's monetary policy meeting decision and Governor Kazuo Ueda (植田 和男)'s press conference, the market reaction after the lineup of the fifth reshuffled cabinet was announced was limited.
The dollar-yen rate was trading at a level where the dollar was weaker and the yen stronger than at the end of the previous day's New York session at 3 p.m. The dollar-yen rate spent the Tokyo session seeking direction, centered around the mid-¥155 range. After the dollar temporarily strengthened on the FOMC decision, it settled down and continued moving within the range during the day.
Market reaction to the Takaichi administration's cabinet reshuffle was limited. Minoru Kiuchi (城内 実), Minister of State for Economic and Fiscal Policy, will remain in his post, and some in the market viewed the reshuffle as leaving the cabinet's core structure largely unchanged. Although Machigashira's (町頭) comments were consistent with overseas reports, their immediate impact on the market was limited.
Market attention subsequently shifted to the Bank of Japan's monetary policy meeting decision and Governor Kazuo Ueda (植田 和男)'s press conference. A mood of wanting to assess developments at the BOJ spread, with markets taking a wait-and-see approach ahead of the events.