With the market remaining on the sidelines ahead of the US midterm elections, the yen fell to the low ¥158 range in the New York market. The Tokyo market was closed for the Culture Day holiday.
In the New York foreign exchange market on the 3rd, the yen traded at ¥158.18–¥158.28 per dollar, down 29 sen against the dollar from 5 p.m. the previous day. With the US midterm election vote scheduled for the following day, market participants were somewhat reluctant to trade.
The Tokyo market was closed for the Culture Day holiday, and price movements were limited in the absence of Tokyo market participants. As of 8 a.m., the yen was trading at ¥157.89, slightly below the New York market closing rate of ¥157.94. Trading remained virtually flat at noon.
The euro moved only slightly against the dollar. Against the yen, it traded at ¥176.87–¥176.97. In the Tokyo market, the euro-dollar rate held near $1.1185, while the euro-yen rate traded at ¥176.61.
Market participants were largely waiting to assess how the US midterm election results would affect monetary policy and fiscal management going forward, and the market was expected to lack a clear direction until the results became known.