The yen moved narrowly in the upper ¥157 range in the Tokyo market on the afternoon of the 28th. Yen buying continued following remarks by Japanese and US officials cautioning against yen depreciation.
During Tokyo trading hours, the dollar traded in a range of ¥157.76 to ¥157.78, with the yen up 33 sen against the dollar from the previous weekend's close.
Yen buying and dollar selling continued against the backdrop of remarks by senior officials of the Japanese and US governments cautioning against yen depreciation.
Meanwhile, NY crude oil futures were observed to be rising, and yen selling and dollar buying also emerged on expectations that Japan's trade balance would deteriorate.
The yen's upward pressure was driven in part by successive comments from Finance Minister Katayama and US Treasury Secretary Bessent on correcting yen depreciation. Against the euro, the euro traded in the mid-¥179 range at €1.