Against the backdrop of the Nikkei 225's sharp decline, dollar-yen fell to the mid-¥157 level. As of noon, it was ¥157.57-59, down about 25 sen from the previous day.
In Tokyo trading on the morning of the 30th, dollar-yen came under pressure following the Nikkei 225's sharp decline and fell to the mid-¥157 level. It briefly fell to around ¥157.07, but subsequently resisted further declines somewhat and traded at ¥157.57-59 around noon.
In European trading the previous day, the pair edged higher, briefly rising to the ¥158.10 level. In US trading, it fell back to around ¥157.70 as long-term yields declined, then moved sideways in the ¥157.70-80 range. Toward the end of the session, downside pressure intensified amid the continuing decline in US yields and falls in tech stocks.
The Bank of Japan's policy meeting was expected to maintain the status quo, and Governor Ueda's hawkish stance at his press conference had been identified as a focus. Some observers, however, said the market's reaction could be muted if the stock market continued to fall. The Nikkei's sharp decline was cited as supporting further downside exploration in dollar-yen.
The euro weakened against the yen and strengthened against the dollar after 9 a.m. As of noon, the euro was reported at the upper-¥176 level against the yen and at 1.1196-1196 against the dollar.