In the Tokyo foreign exchange market on the morning of the 12th, dollar-yen continued to resist further declines in the upper ¥159 range after selling had run its course. The move is reportedly attributable to Finance Commissioner Mimura's remarks warning against yen depreciation.
In the Tokyo foreign exchange market on the 12th, dollar-yen continued to trade in the upper ¥159 range after selling had run its course. Market participants are showing signs of a short-term rebound, but upside remains limited.
According to reports, after selling following Finance Commissioner Mimura's remarks warning against yen depreciation had run its course, dollar-yen temporarily rose to the ¥159.50 range before again entering a phase of resisting further declines.
At present, selling momentum has eased, but dollar-yen continues to trade in the upper ¥159 range, and rapid price movements are reportedly being contained.
Market participants cited government and Bank of Japan remarks concerning yen depreciation as a factor behind the day's price movements. In the short term, trading is centered on the upper ¥159 range.