The yen fell in the foreign exchange market on the 11th, briefly reaching the high-¥159 range. The dollar was bought amid rising US long-term interest rates and a widening US-Japan interest-rate differential, driving the yen lower.
The yen fell in the foreign exchange market on the 11th, briefly reaching the high-¥159 range at ¥159 to the dollar. This was the yen's weakest level against the dollar, and the dollar's strongest level against the yen, in about 2 months since 2 September.
At 5:00 p.m. in the Tokyo market, USD/JPY was trading between ¥158.87 and ¥158.89, while EUR/JPY was ¥177.21–¥177.25.
The move was attributed to rising US long-term interest rates on inflation concerns and a widening US-Japan interest-rate differential, prompting dollar buying and yen selling.
Market participants also said domestic importers engaged in real-demand dollar buying, and attention is expected to remain focused on developments in the foreign exchange market.