USD/JPY remained firm around ¥157.76 in Tokyo morning trading. Yen selling was slightly dominant amid a risk-on mood. Meanwhile, AUD/JPY strengthened to around ¥110.82 and NZD/JPY to around ¥89.88, highlighting the resilience of Antipodean currencies.
The yen-selling trend dominated the Tokyo morning foreign exchange market overall, against a backdrop of rising stock prices. USD/JPY traded around ¥157.76. Although a wait-and-see mood was also strong ahead of this week's US FOMC meeting and Bank of Japan meeting, with a general election in Israel approaching, some risk-taking was evident.
AUD/JPY rose to around ¥110.82 and NZD/JPY to around ¥89.88, with the firmness of Antipodean currencies standing out alongside yen weakness. Expectations of an additional Australian rate hike next month remained strong, while the outlook for an additional rate hike by the Reserve Bank of New Zealand also supported market conditions.
Today's market may develop differently depending on the outcome of the general election in Israel, while the US FOMC meeting and the Bank of Japan's monetary policy meeting are also ahead. Investors are expected to remain focused on these events, with the market continuing to assess gap-filling and movements within the range.