In Tokyo trading on the morning of the 19th, dollar-yen was slightly firmer, with the trading range rising from 157.70 to 158.09. The US 10-year Treasury yield fell, while major currencies were firm against the dollar and yen, and yen crosses pushed dollar-yen higher.
In Tokyo trading on the morning of the 19th, dollar-yen was slightly firmer, rising from 157.70 to 158.09. The US 10-year Treasury yield fell to the 5.06% level, and as selling pressure on the dollar emerged, major currencies remained firm and yen crosses pushed the market higher. Trading ranges so far were 157.70-158.09 for dollar-yen, 176.97-177.46 for euro-yen and 1.1199-1.1234 for euro-dollar.
[Remarks by officials] Prime Minister Takaichi (高市) said that a strong economy would strengthen confidence in the yen and expressed opposition to the possibility of further yen depreciation. Bank of Japan Governor Ueda (植田) said that long-term interest rates could rise if concerns about an upside surprise in prices or uncertainty became apparent, and projected that underlying inflation would gradually increase and come quite close to 2%. Kent, Assistant Governor of the Reserve Bank of Australia, said there was reasonable evidence that the neutral rate had risen, but that it was difficult to know where it was, indicating that considerable uncertainty remained over whether further tightening was appropriate.
New Zealand's trade balance in September was -NZ$1.971 billion, compared with -NZ$1.349 billion previously, revised to -NZ$1.536 billion. China's GDP for July-September rose 4.5% year on year, versus a forecast 4.4% and 4.3% previously. China's retail sales in September rose 1.1% year on year, versus 0.4% previously and a forecast 0.5%. China's industrial production in September rose 5.5% year on year, versus 5.2% previously and a forecast 5.4%.