USD/JPY rose for a fourth straight day in the New York market on the 23rd, closing at ¥158.32. Strong preliminary PMI figures for September prompted a rise in US long-term interest rates, while dollar buying spread broadly.
In the New York foreign exchange market on the 23rd, USD/JPY rose for a fourth consecutive session, closing at ¥158.32. The pair was up approximately 93 sen from the previous business day’s New York close of ¥157.39, with rising US long-term interest rates and increased dollar buying cited as the main drivers.
Against the backdrop of preliminary US manufacturing and services purchasing managers’ index (PMI) figures that exceeded expectations, market commentary suggested that expectations of additional Federal Reserve rate hikes had increased. The 10-year Treasury yield accordingly reached a high of approximately 5.13%.
However, the rise paused as ¥158.45 was seen as resistance during the BOJ’s rate check. Market participants also said that caution over BOJ intervention could intensify on the 18th. EUR/USD fell for a third straight session, while EUR/JPY was flat, reflecting the broader movement in the dollar.
The day’s reference ranges were ¥157.34–¥158.40 for USD/JPY, 1.1370–1.1450 for EUR/USD, and ¥180.02–¥180.42 for EUR/JPY.