In the Tokyo market as of noon on the 13th, dollar-yen traded in a high range around ¥159.90, with rising U.S. long-term interest rates and intervention concerns acting as market factors. The euro rose against the yen and was around $1.1061 against the dollar.
In the Tokyo foreign exchange market on the morning of the 13th, the dollar-yen rate was trading in a high range in the upper ¥159 range, rising to around ¥159.90 at noon. While rising U.S. long-term interest rates provided support, concerns about intervention by the government and the Bank of Japan limited further gains.
In overseas markets, the dollar softened to the ¥159.50 range during European hours before recovering to the ¥159.70 range. During U.S. hours, it briefly rose above ¥160 on buying back, but gains were capped again toward the end of the session. Trading continued at the same level in the early morning Japan time, and the dollar rose back into the ¥159.90 range on renewed buying shortly before noon.
During the morning, many market participants said that the dollar was difficult to push higher because U.S. interest rates remained elevated in after-hours trading and intervention concerns persisted. Warning remarks by Finance Minister Katayama were also reported as a factor pushing the market back. From 9 a.m., the euro rose against the yen and strengthened against the dollar.
As of noon, the euro was reported at ¥176.86-¥176.88 against the yen and $1.1061-$1.1061 against the dollar, with dollar strength and yen weakness continuing.