Against a backdrop of lower US long-term interest rates, selling the dollar and buying the yen gathered pace in the Tokyo market, pushing the yen higher against the dollar. As of 5 p.m., the yen was about 73 sen stronger per dollar.
The yen rose against the dollar as lower US long-term interest rates strengthened the trend of buying the yen and selling the dollar. There was also speculation about an impact on the stock market, but the article focused primarily on currency-market developments. Trading conditions in the local market established a clear direction as the afternoon progressed.
In the Tokyo market, the yen moved higher against the dollar compared with the previous day as of 5 p.m. The reported exchange-rate movement was an appreciation of about 73 sen per dollar. Movements in long-term interest rates were cited as a factor behind the yen buying.