In the Tokyo market as of 2 p.m., the yen extended its decline against the dollar, weakening to around ¥159.87 per dollar. Uncertainty over the outlook for the Middle East and rising U.S. crude oil prices were behind the move.
In the Tokyo foreign exchange market on the afternoon of the 1st, the yen extended its decline. As of 2 p.m., it stood at around ¥159.87 to the dollar, down 31 sen from 5 p.m. the previous day, meaning a weaker yen and stronger dollar. The move was driven by uncertainty over the outlook for the Middle East and rising U.S. crude oil futures.
Yen selling and dollar buying have prevailed amid concern that Japan's trade deficit could widen because the country relies heavily on imports for its energy needs. However, as the psychologically important ¥160 level approaches, heightened caution over yen-buying intervention by the government and the Bank of Japan is also providing support for the yen.
The article cites Nikkei QUICK News and does not provide additional specific figures or information on the timing of future developments. Further reporting is awaited on future market trends and when any intervention may be carried out.