On the 10th, the yen fell to the first half of the ¥158 range in the New York market. With dollar buying continuing on the U.S.-Japan interest-rate differential, a similar trend was seen in the Tokyo market. USD/JPY reached around ¥158.12 in the morning, followed by continued trading around ¥158 during the day.
On the 10th, the yen fell to the first half of the ¥158 range in the New York market, trading at ¥158.12–¥158.22 as of 8 a.m. This represented yen depreciation and dollar appreciation of 26 sen from ¥157.86 at 5 p.m. the previous day.
A similar trend was observed in the Tokyo market. As of noon, USD/JPY was ¥158.03, about 12 sen higher than the New York market's closing rate. It fell to around ¥158.97 after the fixing, but eventually continued to trade in the mid-¥158 range.
The euro was little changed against the dollar. While it briefly reached the ¥4.86 range in after-hours trading as investors watched moves in long-term U.S. Treasury yields, gains were capped at $1.1227, leaving the day's range at only around 11 pips. EUR/JPY traded mainly around the ¥177.30 range.
The reference ranges so far today were USD/JPY ¥157.89–¥158.12, EUR/USD $1.1216–$1.1227 and EUR/JPY ¥177.13–¥177.42.
Moves during Asian hours were limited. The Sydney market was in the low ¥157 range, while moves in the New Zealand and Australian dollars were also limited. Trading was centered on the U.S.-Japan interest-rate differential while investors monitored fiscal and monetary policy developments.