Following the FRB chair's press conference, dollar-selling and yen-buying activity spread, and the yen temporarily strengthened to the upper ¥157 range per dollar.
In the New York foreign exchange market on the 28th, dollar-selling and yen-buying activity accelerated following the press conference by FRB Chair Warsh, amid views that the Fed was not in a hurry to raise interest rates.
The market move was seen as a factor encouraging a weaker dollar and stronger yen, with the yen temporarily reaching the upper ¥157 range per dollar.
The move reflected a shift in views on the FRB's future interest-rate policy and affected investors' foreign-exchange positions.
Future market trends may depend on how the FRB chair's press conference is interpreted and on any additional policy information.