Dollar-yen fell to the upper ¥157 range in the Tokyo market on the morning of the 24th. Selling by exporters capped the dollar's upside, pushing it down from the ¥158 range reached early in the morning. Expectations of further US rate hikes and caution over possible intervention by the Bank of Japan influenced the market.
Dollar-yen fell to around ¥157.86–157.88 in the Tokyo market on the morning of the 24th. As of noon, the dollar was up approximately ¥0.38 against the yen from the previous day, while selling by exporters weighed on the pair and capped its upside.
The market was supported by expectations of further US rate hikes, and the dollar showed strength. At the same time, exporters' selling limited the yen's downside, pushing dollar-yen back down from the ¥158 range reached early in the morning to the ¥157.70 range.
Reports that the Bank of Japan was on alert for possible foreign-exchange intervention and had conducted a rate check reached the market. Market participants said the level of US long-term yields would weigh on the yen. The US PMI came in at 58.4, a high level that contributed to stronger expectations of further rate hikes by the Federal Reserve.
The yen rose against the euro, with the euro at ¥179.72–179.75 as of noon. The euro also fell against the dollar, with euro-dollar at its lowest level in approximately 2 months. Afternoon trading is expected to remain range-bound ahead of the US-China summit.