In the New York market, dollar-yen was ¥157.31 as of 2:00 a.m. and struggled to gain, lacking direction around the previous day's closing level.
Dollar-yen was ¥157.31 as of 2:00 a.m., down approximately ¥0.23 from ¥157.54 at midnight. It recovered temporarily to around ¥157.57 against a backdrop of higher U.S. long-term interest rates, but gains were capped by expectations that Japanese and U.S. officials would push back against yen weakness and by expectations of a sharp decline in WTI crude. WTI fell sharply below $92 at one point, while the 10-year Treasury yield, after declining to the 5.21% range, rose back to the 5.25% range.
Euro-dollar was $1.1371 as of 2:00 a.m., with the euro up approximately $0.0006. It was bought back to around $1.1388 in response to moves in U.S. interest rates, but failed to break above the day's high, and euro crosses lacked direction.
Euro-yen was slightly lower at ¥178.88 as of 2:00 a.m., down approximately 16 sen from ¥179.04 at midnight. Although it temporarily recovered to the ¥179 range toward the London fixing, gains were capped by dollar-yen's struggle to advance.
The reference ranges through today were ¥156.51-157.86 for dollar-yen, $1.1353-1.1395 for euro-dollar and ¥178.20-179.73 for euro-yen.