In the Tokyo market on the 21st, dollar-yen held in a range around ¥158, with dollar selling prevailing initially as expectations of early Federal Reserve tightening receded. In the afternoon, a recovery in long-term yields and crude oil prices prompted dollar buying, while gains in cross-yen pairs were capped.
In the Tokyo market on the 21st, dollar-yen fell from ¥158.39 to ¥158.03, with dollar selling prevailing initially. The retreat in expectations of early Federal Reserve tightening was cited as the backdrop.
In the afternoon, a recovery in US long-term yields and crude oil prices prompted dollar buying, but the recovery was capped as cross-yen pairs remained soft. The trading ranges were dollar-yen ¥158.03–¥158.39, euro-yen ¥177.42–¥177.88 and euro-dollar 1.1218–1.1236.