USD/JPY fell to 154.66 in European trading as of 20:00. It was down about ¥0.89 from 155.55 at 17:00, as yen buying intensified.
USD/JPY extended its decline in European trading on the 7th. It stood at 154.66 as of 20:00, with the yen gaining about ¥0.89 against the dollar from 155.55 at 17:00. The move was driven by expectations that the BOJ could accelerate its rate hikes, anticipated fund shifts by institutional investors into domestic assets, and heightened caution over efforts by Japanese and U.S. authorities to correct the yen's weakness. USD/JPY also fell below the key ¥155 level at times. It briefly plunged to 154.06, its lowest level since 23 February, before subsequently struggling to gain ground in the 154.70 range.
EUR/JPY also declined as the yen strengthened, falling to 179.78 as of 20:00. After reaching 179.23, its lowest level since last November, it saw only a limited rebound, recovering no further than the 179.80 range. GBP/JPY continued its decline below ¥209, a level not seen since last February, and briefly fell as low as 208.65.
EUR/USD stood at 1.1624 as of 20:00, only slightly above its 17:00 level of 1.1623. The focus of trading was the yen's strength, while the move toward a stronger euro and weaker dollar was temporary and there were no notable fluctuations.
The reference ranges so far today are 154.06-156.28 for USD/JPY, 1.1607-1.1636 for EUR/USD and 179.23-181.47 for EUR/JPY.