The dollar was slightly softer in the upper ¥158 range in Tokyo foreign exchange trading on the afternoon of the 21st. As of 3 p.m., it was trading around ¥158.83, up 40 sen from the previous day.
Dollar-yen traded in the upper ¥158 range on the afternoon of the 21st. As of 3 p.m., the indicative quote was around ¥158.83, representing dollar strength and yen weakness of about 40 sen from around ¥158.43 at 5 p.m. the previous day. The dollar was supported in overseas trading on the 20th by elevated U.S. long-term yields, together with movements in oil prices.
Selling into a rebound prevailed in the early morning, and the dollar softened to the ¥158.80 range before 9 a.m. Buying by real-demand customers then lifted it to the ¥159.10 range around the Tokyo fixing, but gains were limited, and the dollar stalled in the ¥158.90 range around noon. It traded in a narrow range centered around the same level in the afternoon.
Although elevated U.S. long-term yields in after-hours trading supported dollar-yen, market participants said, “There are no catalysts to push the dollar higher, and trading is generally subdued.” Some observers also said the dollar came under slight selling pressure shortly before 3 p.m. There was talk of possible position-adjustment selling ahead of the weekend.
The euro also struggled to gain ground against both the yen and the dollar in the afternoon. As of 3 p.m., it was reported at ¥185.80-81 and $1.1698-1698.