The dollar-yen decline accelerated in the Tokyo market. At noon, the dollar-yen rate was ¥156.67, approximately ¥0.62 lower than the previous New York close, and the move attributed to actual-demand yen buying at month-end and quarter-end continued. The yen also strengthened against other currencies, including the euro, across the yen crosses.
In the Tokyo foreign exchange market on the 30th, the dollar-yen decline accelerated, reaching ¥156.67 at noon. This was approximately ¥0.62 lower than the New York market close of ¥157.29. After breaking below ¥156.98, the yen strengthened to ¥156.38. The temporary decline in the US 10-year Treasury yield to the 5.22% range in after-hours trading also appears to have had an effect.
Yen buying progressed against the euro, with EUR/JPY at ¥177.66 at noon. This was approximately ¥0.74 lower than the New York market close of ¥178.40, as the yen strengthened and other currencies weakened across the yen crosses in line with the dollar's decline.
EUR/USD came under temporary downward pressure, standing at $1.1340 at noon. This was slightly lower than the New York close of $1.1342.
The Australian dollar was soft. After Australia's August CPI came in at +4.0% year on year, below expectations, the Australian dollar fell from around 0.6995 to 0.6959. AUD/JPY came under pressure to ¥108.89.
The reference ranges so far today were ¥156.38–¥157.46 for dollar-yen, 1.1334–1.1346 for EUR/USD, and ¥177.34–¥178.56 for EUR/JPY.