Dollar-yen traded mainly in the upper ¥157 range during the Tokyo morning session, weakening to around ¥157.70 before rising to around ¥158.05, but lacked a clear direction. The approaching US midterm elections are restraining price movements.
Dollar-yen in the Tokyo market moved mainly in the upper ¥157 range and rose as high as around ¥158.05, but upside was limited and no clear direction emerged.
In cross-yen trading, yen buying led initially, followed by a rebound from the lows. Euro-yen rose to around ¥177.41, sterling-yen to around ¥210.67 and Australian dollar-yen to around ¥110.17.
Market participants pointed to the possibility that geopolitical risks from next week onward, the situation in the Middle East and developments in the Israeli general election could affect individual currency movements.
Related information published that day included a MINKABU FX news report saying that dollar-yen trading was subdued against the backdrop of the approaching US midterm elections.