As of 10 a.m. in the Tokyo market, dollar-yen was firm at ¥157.80 compared with the previous day’s close. Buying resumed against the backdrop of movements in the US 10-year Treasury yield, spreading to euro-yen and other crosses.
Dollar-yen was ¥157.80 as of 10 a.m., 52 sen higher than the New York close of ¥157.28. After reaching ¥157.68 in the morning, it lost momentum around ¥157.42, but renewed buying against the backdrop of a sharp rise in the US 10-year Treasury yield lifted it temporarily to ¥157.84.
Euro-yen was firm at ¥179.66 as of 10 a.m. It was above the New York close of ¥179.15, indicating a stronger euro, and rose as high as ¥179.71. Yen selling against the dollar spread to other currency pairs.
Euro-dollar was at $1.1385, about $0.0006 lower for the euro than the New York close of $1.1391. The dollar was driving the market, and movement slowed after euro-dollar reached a low of $1.1374.
Today’s reference ranges are ¥157.17–¥157.84 for dollar-yen, $1.1374–$1.1395 for euro-dollar, and ¥178.85–¥179.71 for euro-yen. A mixed pattern of euro and dollar strength is expected to continue.