The dollar/yen pair rose to the upper ¥158 range in Tokyo foreign exchange trading on the afternoon of the 20th. Dip buying resumed following the previous day's sharp decline in overseas markets, pushing the level higher.
In Tokyo trading on the afternoon of the 20th, the dollar/yen pair rose to the upper ¥158 range as dip buying continued following the previous day's sharp decline. Market participants appeared to be assessing whether the decline had temporarily bottomed.
The move was viewed as a rebound after the dollar temporarily fell in overseas markets, with the level rising as dip buying resumed. Trading reports focused on price movements around 3:00 p.m.
In the short term, dip buying is cited as a factor supporting a recovery in the level, although the outlook is expected to remain dependent on developments in overseas markets.