In the Tokyo market on the 8th, USD/JPY traded in the low ¥158 range, while the Nikkei Average ended at ¥69,042.11, down ¥993.60 from the previous day. Although dollar buying advanced in the afternoon, the market generally lacked clear direction.
On the 8th, USD/JPY traded in the low ¥158 range in the Tokyo foreign exchange market, temporarily falling to the ¥157.50 level following the Nikkei Average's sharp morning decline. The dollar was subsequently bought back against the backdrop of rising US long-term interest rates, reaching ¥158.28 in the afternoon.
Indicative prices at 5 p.m. were ¥158.18–19, representing a modest 8-sen rise in the dollar and decline in the yen from the previous day. EUR/JPY traded at ¥177.09–10, while EUR/USD traded at $1.1195–1.1195. Stocks fell sharply, with the Nikkei Average closing at ¥69,042.11, down ¥993.60 from the previous day.
Risk-averse yen buying dominated the morning, and the yen strengthened as the Nikkei declined. Buying back ahead of noon restored USD/JPY to the ¥158 range, after which prices remained volatile as markets watched developments in overseas markets.
The euro traded slightly lower against both the yen and the dollar in the afternoon, with EUR/JPY in a ¥176.53–177.31 range and EUR/USD falling from $1.1213 to $1.1182. The Nikkei's recovery was limited, and the market reflected a mixture of influences from stock and interest-rate movements.