In London trading, USD/JPY plunged from a high around 157.70, falling to around 156.99. Against a backdrop of yen strength, cross-yen pairs also generally moved in the direction of yen strength, with EUR/JPY falling to 179.78 and GBP/JPY to 209.63.
At the start of the London market, USD/JPY plunged from a high around 157.70, falling to around 156.99. Price action seen in the New York market the previous day was repeated, with yen strength prevailing. Cross-yen pairs also moved in the direction of yen strength, with EUR/JPY falling to around 179.78 and GBP/JPY to around 209.63.
The dollar was also showing signs of broad-based strength, but following the sharp decline in USD/JPY, it showed some movement back toward dollar weakness. EUR/USD was bought back from a low of 1.1434 to the 1.1450 range, while GBP/USD was bought back from a low of 1.3326 to the 1.3350 range.
Key levels for the currency pairs are USD/JPY at 157.06, EUR/JPY at 179.82 and EUR/USD at 1.1451.
Market participants are monitoring the overall market movements against the backdrop of the sharp decline in USD/JPY, and further information on the market's future direction is awaited.