In the Tokyo foreign exchange market on the afternoon of the 6th, dollar-yen trading narrowed in the upper ¥157 range after buying subsided. As of 3 p.m., the rate was ¥157.77–¥157.79. The dollar was approximately ¥0.41 weaker against the yen than the previous day’s close of around ¥158.18.
In the Tokyo market on the afternoon of the 6th, morning buying subsided, and dollar-yen trading remained in the upper ¥157 range. The range as of 3 p.m. was ¥157.77–¥157.79, slightly below the previous day’s close of approximately ¥158.18.
In overseas markets on the 5th, the dollar rose gradually from the European session into the early US session as crude oil prices and long-term US Treasury yields increased, reaching around ¥158.50. It then fell to the ¥157.50 range in the middle of the session as stock indexes plunged and long-term yields declined, before recovering to the ¥157.60–¥157.80 range toward the end of the session.
In early Tokyo trading on the 6th, selling prevailed and the dollar briefly fell to the ¥157.20 range. After before 9 a.m., buying by real-money investors intensified, and the dollar rose to around ¥158.00 at approximately 11 a.m. Gains then stalled somewhat toward noon. In the afternoon, trading remained within a range centered on the ¥157.80 range.
Risk aversion was observed against the backdrop of the Nikkei 225’s movements, but after selling subsided, real-money buying pushed the dollar higher. Some market participants said activity was subdued in the afternoon ahead of the US employment report, and that dollar-yen trading remained firm despite the large decline in stock prices. The euro fell against the yen and was soft against the dollar in the afternoon. As of 3 p.m., the rate was €1 = ¥176.65–¥176.66, while the euro was at $1.1196–$1.1196 against the dollar.