In the Tokyo foreign exchange market on the 11th, the yen traded in the low ¥154 range against the dollar. As of 5 p.m., the dollar was at ¥154.21–¥154.23 and the euro was around ¥178.97–¥179.01.
In Tokyo trading on the 11th, the yen traded against the dollar at around ¥154 per dollar, with the rate at ¥154.21–¥154.23 as of 5 p.m. The euro stood at ¥178.97–¥179.01. Rising oil prices were also cited as a factor encouraging yen selling.
The trading backdrop included expectations that the Federal Reserve would raise interest rates soon, with the widening Japan-US interest rate differential said to be prompting dollar buying. It was also pointed out that this was raising concerns about Japan's inflation outlook through higher import costs.
Comments from market participants also indicated that the possibility of safe-haven dollar buying amid heightened tensions in the Middle East had been raised.