Dollar-yen extended its decline in Tokyo trading on the 8th. As of noon, factors behind the yen's move included expectations of an accelerated pace of Bank of Japan rate hikes and movements in long-term U.S. interest rates, with dollar-yen falling to ¥153.35.
As of noon in Tokyo trading, dollar-yen was ¥153.35, putting it approximately ¥1.01 below the New York close of ¥154.36. The yen strengthened on its own against a backdrop of expectations that the Bank of Japan would accelerate the pace of rate hikes, while the resumption of activity in the U.S. 10-year Treasury yield in after-hours trading, with the yield falling to the 4.77% range, also weighed on the dollar.
Dollar-yen briefly fell to ¥152.89, its lowest level since 17 February. Euro-yen also remained on a yen-strengthening trend, standing at ¥178.25 as of noon. The yen strengthened broadly as dollar-yen declined, with all yen crosses moving lower.
Euro-dollar remained range-bound, standing at $1.1623 as of noon, almost unchanged from the New York close. Factors supporting the weaker dollar and the yen's main directional move were offsetting each other, and no clear direction had emerged.
The reference ranges so far today were ¥152.89–¥154.39 for dollar-yen, $1.1622–$1.1635 for euro-dollar and ¥177.86–¥179.47 for euro-yen.