Dollar-yen fell to ¥157.85 at one point. The move was attributed in part to the sharp drop in oil prices following reports that Iran had withdrawn the transit fee for the Strait of Hormuz.
Dollar-yen failed to gain much ground on rebounds, setting a new low for the day at ¥157.85. The sharp drop in oil prices following reports that Iran had withdrawn the transit fee for the Strait of Hormuz was cited as a key factor.
WTI crude futures plunged to the mid-$87 range, while US long-term yields also fell again. These moves were reported to have put downward pressure on dollar-yen.
Comments from market participants and the outlook for future price movements remain pending further information and official announcements.