Yen buying gains momentum as weaker stocks and stronger bonds support the currency: Tokyo FX market overview

Yen buying prevailed in the Tokyo market, sending USD/JPY lower. The weaker stock market and stronger bond prices are reportedly believed to have supported yen appreciation.

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The story

Yen buying prevailed in the morning, with USD/JPY in the Tokyo market continuing to fall from around 159.64 yen and reaching around 159.12 yen in the afternoon.

Cross-yen pairs also remained under pressure. EUR/JPY fell from the 184.80-yen level to 184.47, then rebounded to around 184.67 before renewing its low.

EUR/USD rose from 1.1570 to 1.1599 against a backdrop of broad dollar weakness. Meanwhile, the impact of UK CPI and other data on sterling was viewed as limited.

The Canadian dollar attracted buying after the announcement that additional tariffs on Canada would be postponed following remarks by Trump. USD/CAD fell to 1.3872 and continued to trade around 1.3883.

At a glance

Dollar movements159.64 yen in the morning, falling to 159.12 yen in the afternoon

EUR/JPYAfter falling from the 184.80-yen level to 184.47, rebounded to around 184.67

EUR/USDRose from 1.1570 to 1.1599

Long-term interest ratesDeclined on BOJ buying operations, while bond prices rose

Canadian dollarBought after Trump’s remarks and the postponement of tariffs, falling to 1.3872 before trading around 1.3883

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