The yen fell back in the New York market on the 9th, weakening to ¥158.43 at one point. Higher crude oil prices and rising U.S. long-term yields weighed on the yen, which traded in the mid-¥158 range toward the end of the session.
In the New York foreign exchange market on the 9th, the yen fell back, closing at ¥158.35–45 to the dollar. It briefly declined to ¥158.43.
Against a backdrop of rising crude oil futures, U.S. long-term yields increased, and higher U.S. interest rates prompted yen selling and dollar buying. Subsequently, crude oil prices also slowed at times following an announcement by President Trump.
The preliminary October consumer sentiment index released by the University of Michigan came in below market expectations, while one-year inflation expectations also rose more than expected. Rising long-term inflation expectations at the Federal Reserve supported expectations for a rate hike within the year, making it difficult to cap the dollar's upside.
European currencies were weak, with the euro falling back against the dollar. The yen also declined against the euro, and dollar/yen trading continued to track movements in crude oil and interest rates. Crude oil prices rose amid lingering supply concerns related to the situation in the Middle East and a hurricane, but pared their gains toward the close following news of an agreement with Russia on diesel supplies.