USD/JPY was little changed in the Tokyo market. With no clear indication of the direction of further FRB rate hikes and the BOJ deputy governor voicing concern about delayed easing, the pair traded mainly around the ¥158 level as markets gauged the outlook for monetary policy in Japan and the United States.
USD/JPY was little changed in the Tokyo foreign exchange market on the morning of the 22nd. While elevated long-term US Treasury yields supported the dollar, the lack of a clear indication from FRB Chair Warsh on the direction of further rate hikes strengthened the market's focus on gauging the outlook for monetary policy in Japan and the United States.
The trading ranges were ¥158.05–¥158.18 for USD/JPY, ¥177.52–¥177.68 for EUR/JPY and $1.1229–$1.1236 for EUR/USD. The market broadly lacked a clear direction.
Meanwhile, BOJ Deputy Governor Himino expressed concern that adjustments to monetary easing could be delayed, and the market traded while watching developments in monetary policy in Japan and the United States.