The yen traded in the upper ¥158 range in the Tokyo market. After briefly weakening in early trading, it returned to firmer levels as trading gained momentum, with market attention focused on developments concerning sanctions on Iran.
In the Tokyo foreign exchange market on Monday morning the 24th, the yen traded at around ¥158.73–74 to the dollar, and as of 10 a.m. was up 9 sen against the dollar from the previous weekend. The yen briefly weakened to ¥158.96–98 in early trading, but narrowed its losses as trading gained momentum.
Market participants said many investors were taking a wait-and-see approach ahead of the U.S. announcement of sanctions on Iran. Some pointed to uncertainty over the situation in the Middle East as affecting crude oil prices and yen movements.
Developments concerning sanctions on Iran are also a focus for the market. The U.S. Treasury secretary is scheduled to disclose the specific details of the sanctions at a press conference on the 24th, while warnings from Iran have continued. This has heightened concerns over supplies of crude oil from the Middle East, and WTI traded at around $87 a barrel.
Against other currencies, the yen was firmer against the euro. As of 10 a.m., the euro was at ¥185.48–52, down 19 sen against the yen from the previous weekend. The euro also tended to decline against the dollar, reflecting dollar strength and demand for safe-haven assets.