In the Tokyo foreign-exchange market on the 29th, dollar-yen saw limited movement toward the upper ¥155 range, briefly reaching ¥158.06 before falling to ¥157.60. Lower US long-term yields and weak cross-yen trading capped the rebound, while the pair became less inclined to fall in the afternoon as US yields recovered. Meanwhile, RBNZ Governor Breman saw a high likelihood of a December rate hike.
In the Tokyo market on the 29th, dollar-yen briefly rose to ¥158.06, but selling prevailed near that level against a backdrop of lower US long-term yields, sending the pair down to ¥157.60. The decline eased as US yields recovered in the afternoon, but weakness in cross-yen trading limited the rebound.
The US Federal Open Market Committee's decision was consistent with market expectations, although some market participants viewed its future policy stance as less hawkish than anticipated. US yields fell, and some dollar selling was observed.
The ranges for major currencies were dollar-yen at a high of ¥158.06 and a low of ¥157.60, euro-yen from ¥176.15 to ¥175.74, and euro-dollar from 1.1160 to 1.1131. Trading in European and US currencies in the afternoon indicated continued weakness in euro-yen and euro-dollar.
RBNZ Governor Breman indicated that the likelihood of a rate hike at the next meeting in December was high.
In Japan, the October Consumer Confidence Index came in at 35.0, in line with expectations, but down from 35.4 the previous month.