The yen lacked direction in the low ¥158 range in Tokyo trading at the start of the week. The move came as the adjustment following the stronger-than-expected October U.S. employment data paused.
In the Tokyo foreign exchange market at the start of the week, the yen lacked direction, trading at ¥158.24–¥158.25 per dollar as of 2 p.m., down 30 sen against the dollar from the previous weekend. As of 10 a.m., the dollar was at ¥158.29–¥158.30 and the euro at ¥176.46–¥176.48.
Views spread that the October U.S. employment data released the previous weekend had brought the market's reaction to a pause, and that the yen-selling and dollar-buying trend driven by the stronger-than-expected U.S. employment data had eased.
Market participants had been buying dollars as expectations for a Fed rate hike strengthened, and attention is again focusing on the direction of monetary policy through Fed Vice Chair Bowman's participation in a panel discussion.
Expectations remain strong that the Democrats will win a decisive victory in the U.S. midterm elections, while some also believe developments in AI-related regulation could affect share prices. Attention is therefore focused on future market trends.