In the New York market on the 25th, USD/JPY held above its lows but stood at ¥157.14 at 24:00, down approximately ¥0.37 from 22:00. Discussions on correcting yen weakness were reaffirmed at the Japan-U.S. summit and in an online meeting, while the rise in long-term U.S. interest rates also supported the pair.
In the New York market on the 25th, USD/JPY held above its lows but stood at ¥157.14 at 24:00. It was ¥157.51 at the previous 22:00 update, putting it approximately ¥0.37 lower, with the dollar weaker against the yen. Concerns over yen weakness were raised at the Japan-U.S. summit, while the view that the yen was undervalued was reaffirmed at an online meeting between the Japanese and U.S. finance ministers. As concerns grew that the government and Bank of Japan could intervene, the yen was bought and the dollar sold. The pair briefly fell to ¥156.94 shortly before 23:00.
EUR/JPY stood at ¥179.18 at 24:00, down approximately ¥0.40 from ¥179.58 at 22:00. After briefly reaching an intraday low of ¥178.92 shortly before 22:30, selling eased and the pair held above ¥179. Movements tracked USD/JPY.
EUR/USD was little changed, at $1.1402 at 24:00 versus $1.1401 at 22:00. Trading was centered on yen-related positions, and overall market moves were subdued.