The dollar/yen edged higher in the Tokyo market on the morning of the 12th, trading in the ¥159.70 range. After rising to the ¥159.80 range in the morning before falling back, it is currently trading around ¥159.77.
In the Tokyo market on the morning of the 12th, the dollar/yen recovered slightly, trading within a range of ¥159.55 to ¥159.88. The euro/yen moved around ¥177, while the euro/dollar traded around $1.1092.
Expectations of an additional US rate hike were cited as a factor behind dollar buying, while concerns about intervention by the Japanese and US monetary authorities as the pair approaches ¥160 are weighing on the upside. Alongside analysis of the trading range, the market is seen as having limited directional momentum.