In Tokyo trading on the 20th, dollar-yen struggled to hold gains late in the session in the mid-¥158 range, after rising briefly to the ¥158.70 range before being pushed back. The rate was around ¥158.43 as of 5 p.m.
In the Tokyo foreign exchange market on the 20th, dollar-yen continued to trade in the mid-¥158 range in the afternoon after dip-buying ran its course. The pair briefly rose to the ¥158.70 range during the day, but softened toward ¥158 late in the session under selling pressure. The rate was around ¥158.43 as of 5 p.m.
Early in the previous day's U.S. session, the U.S. Treasury indicated that it would expand its Treasury buyback allocation to $4 billion, sending long-term interest rates lower and prompting a decline in dollar-yen. Buying resumed midway through the session, and the pair traded in the ¥158.30–¥158.60 range.
The July FOMC minutes showed that many participants believed rate hikes would be necessary going forward if inflation did not decline, but the impact on the foreign exchange market was limited. Dip-buying returned in the afternoon, and dollar-yen recovered to the ¥158.50 range after the Tokyo fixing before extending its gains again.
The euro traded range-bound against the yen late in the session and firmed against the dollar. As of 5 p.m., the euro was around ¥185.25 against the yen and $1.1692–$1.1692 against the dollar.