In the New York foreign exchange market, the yen was quoted at ¥156.98–¥157.08 per dollar as of 8:40 a.m. The yen strengthened and the dollar weakened on views that the Japan-US interest-rate differential would narrow following the weaker-than-expected US employment report.
In the New York foreign exchange market, the yen traded in a range of ¥156.98–¥157.08 per dollar as of 8:40 a.m.
Following the US employment report for September coming in below market expectations, expectations for additional US rate hikes receded. Long-term interest rates fell, bringing the narrowing Japan-US interest-rate differential into focus.
As a result, selling dollars and buying yen prevailed, and the yen strengthened. European currencies were reported at $1.1244–$1.1254 per euro and ¥176.63–¥176.73 per euro.