Dollar-yen briefly fell to the ¥156 level, but dip-buying prevailed, and it was ultimately trading around the low ¥157 level in the 23:00 hour. The rise in the US 10-year Treasury yield, regarded as a benchmark for US long-term interest rates, also supported the market.
Dollar-yen held up despite selling pressure, briefly falling to ¥156.94 before 23:00. The decline was limited, with many market participants willing to buy on dips at the ¥156 level.
It subsequently resumed its upward trend on expectations of a recovery in demand and was trading around ¥157.25 as of 23:16. Market direction continues to be driven by movements in US long-term interest rates.
Against a backdrop of mounting pressure from the US to correct yen weakness, there is also speculation that the US 10-year Treasury yield turning higher is providing support for the dollar.