The dollar-yen rate rebounded to the low ¥158 range late in the Tokyo session on the 9th. At 5 p.m., it stood at ¥158.32-33, representing a substantial yen decline from the previous day, with broad-based yen selling prevailing.
In the Tokyo foreign exchange market on the 9th, the dollar-yen rate traded in the low ¥158 range toward the end of the session, reaching ¥158.32-33 at 5 p.m., up approximately 14 sen from the previous day as the dollar strengthened and the yen weakened. Trading during the day lacked direction and was driven by flows, but yen selling against major currencies intensified late in the session.
During the previous day's European hours, the rate was in the ¥158.10-20 range. After falling toward ¥158 as long-term US Treasury yields declined, it briefly rose to around ¥158.35 before plunging to around ¥157.50 following remarks by President Trump.
After the Tokyo session began, the rate held its morning level and at times rose into the ¥158.10 range around 9 a.m. After the fixing, a decline in long-term US yields in off-hours trading at times pushed the rate down into the ¥157.70 range.
In the afternoon, the rate again traded narrowly mainly in the low ¥158 range. Late in the session, yen selling was broadly prevalent as European participants entered the market, market participants said. The euro strengthened slightly against the yen late in the session and traded narrowly against the dollar.