The dollar-yen rate fell to the upper ¥157 range in Tokyo foreign exchange trading as of noon on the 24th. Dollar selling by exporters weighed on the dollar, which stood at ¥157.87-88 per dollar at noon.
In Tokyo trading on the morning of the 24th, the dollar fell to the upper ¥157 range despite absorbing dollar selling, as selling by exporters was seen as a drag. At noon, it stood at ¥157.87-88 per dollar, representing a 38-sen rise in the dollar and decline in the yen from the same range at the end of the previous week.
Looking at recent movements, the dollar rose to ¥158.05 in offshore trading on the 18th amid the Bank of Japan's policy meeting, then plunged to around ¥156.60 during US trading hours. It traded mostly in the ¥157 range during the holidays on the 21st and 22nd. During US trading hours on the 23rd, expectations of additional rate hikes strengthened on an improvement in the PMI and hawkish comments from the Federal Reserve, pushing the dollar up to the ¥158.40 range.
In early Tokyo trading on the 24th, the dollar traded in the ¥158.10-30 range and fell to the ¥157.70 range around the daily fixing on exporter selling. With a US-China leaders' meeting scheduled for the afternoon, the dollar is expected to trade in a range from the upper ¥157s to the lower ¥158s. The euro fell against the yen and was little changed against the dollar, standing at ¥179.72-73 per euro and in the $1.1384 range at noon.