In Tokyo trading, dollar-yen extended its decline following comments by the vice minister. Dollar-yen was ¥157.22 at 5:00 p.m., down approximately ¥0.45 from 3:00 p.m., and fell to ¥156.62. Selling continued after European traders entered the market, while other currency pairs also remained weak.
In Tokyo trading on the afternoon of the 28th, dollar-yen remained weak, standing at ¥157.22 at 5:00 p.m., approximately ¥0.45 below its 3:00 p.m. level of ¥157.67. Selling led the market after European traders entered, and the pair was falling from the upper ¥157 range.
After comments by Vice Minister Mimura, pressure to probe lower intensified further, and the pair fell to ¥156.62 shortly after 5:00 p.m. Vice Minister Mimura said that Japan would respond firmly, based on discussions between the Japanese and US leaders and finance ministers, and expressed the view that no satisfaction or reassurance had been shown regarding current exchange-rate levels.
Euro-dollar held up relatively well, standing at around 1.1383 at 5:00 p.m. It struggled to rise during the day and fell to the day's low of 1.1371 shortly after 4:00 p.m., but the previous weekend's low of 1.1368 was seen as support.
Euro-yen remained weak at ¥178.96 and extended its decline to ¥178.31 as yen buying intensified after Mimura's comments.