Against a backdrop of rising crude oil prices, the dollar moved into the upper ¥159 range. With the Strait of Hormuz remaining closed, futures temporarily rose to around $98.
Reports indicated that the effective closure of the Strait of Hormuz continued in the crude oil market, with futures prices, a benchmark for international trading, temporarily rising to around $98 per barrel. In tandem, the yen moved weaker to the upper ¥159 range against the dollar. For Japanese companies that are heavily dependent on imports, the combination of elevated crude oil prices and a weak yen could affect costs. The precise path of the exchange rate is expected to continue changing with daily market fluctuations, and attention is focused on future developments.
Market participants said that crude oil prices could remain elevated as long as concerns over supply in the crude oil market persist. Meanwhile, the foreign exchange market has seen periods in which the trend toward a stronger dollar and weaker yen has intensified, drawing attention as a factor affecting companies' procurement costs and financial strategies. The focus will remain on how the market responds to developments in crude oil supply and demand and geopolitical risks.