In the New York market, the yen strengthened to the high ¥153 range per dollar, while in the Tokyo market it temporarily advanced to the upper ¥152 range. The yen-buying, dollar-selling trend continued amid expectations that the Bank of Japan would accelerate the pace of interest-rate hikes and ahead of US economic data. This report covers foreign-exchange market conditions on the morning of the 8th.
The yen-buying, dollar-selling trend continued in the New York foreign-exchange market amid expectations that the Bank of Japan would accelerate the pace of interest-rate hikes, and the yen strengthened to the high ¥153 range per dollar. As of 9 a.m., the yen was trading at approximately ¥153.80 to ¥153.90 per dollar, representing a yen gain of ¥2.35 against the dollar from the previous business afternoon's level of ¥156.15 to ¥156.25.
In the Tokyo market, the yen temporarily advanced to the upper ¥152 range as expectations grew that the Bank of Japan would accelerate the pace of interest-rate hikes, and the yen-buying, dollar-selling trend continued thereafter. Developments in overseas markets continued to affect the yen exchange rate.
At a news conference, Finance Minister Katayama Satsuki (片山さつき) stressed that the policy response regarding exchange-rate movements had not changed at all since the implementation of coordinated intervention by Japan and the United States, and said the government would work to maintain orderly foreign-exchange markets. With the release of the US consumer price index and producer price index for August due this week, views that market participants should assess the latest inflation trends also remained widespread.