In the New York market on the 29th, dollar-yen rose into the ¥158 range before retreating and trading in the upper ¥157 range. On 30 October, price movements are likely to be highly dependent on the outcome of the BOJ meeting, and attention is focused on the market's direction after the event. The impression is that US-Japan interest-rate trends and oil prices are likely to continue affecting the yen.
In the New York foreign exchange market on the 29th, dollar-yen rose to ¥158.13 before retreating to ¥157.64 and closing at ¥157.70. The US September core PCE price index accelerated as expected, preliminary GDP growth for the September quarter exceeded expectations, and resilient jobless claims also encouraged dollar buying. The dollar briefly reached a high level, but news of falling oil prices and movements in long-term interest rates capped its upside.
Dollar-yen is expected to remain prone to fluctuations today, 30 October, depending on the outcome of the BOJ meeting. The BOJ Monetary Policy Meeting announcement and a press conference by Governor Ueda are scheduled, and the decision on whether to raise rates and comments on future policy operations could affect the yen.
Although markets are increasingly pricing in a December rate hike, lower US long-term interest rates and a correction in AI-related stocks are factors limiting the dollar's upside. Selling on rallies in the ¥158 range is likely, and some market participants expect continued efforts to contain yen depreciation with the ¥160 level in mind as a line of defense. At the same time, some expect the market to trade in a ¥156–¥159 range, with attention focused on price action after the event.