USD/JPY plunged in the foreign exchange market, coming close to breaking below 154 yen. The yen also strengthened against the euro, with EUR/JPY falling to the 179-yen range.
USD/JPY has plunged in the foreign exchange market, extending its decline to just short of breaking below 154 yen. This puts the yen at its strongest level since 23 February.
At the same time, EUR/USD rose at one point from the 1.161 range to the 1.163 range, while the yen strengthened against the euro, sending EUR/JPY into the 179-yen range.
The chief foreign exchange strategist at Sumitomo Mitsui Banking Corporation said there appeared to be an appetite for a catalyst to buy the yen. The strategist sees the 152-yen range as the dollar’s next downside level, while focusing on developments in the situation surrounding Iran and other potential catalysts.
Crude oil futures have fallen on reports aimed at easing tensions surrounding Iran. The US Consumer Price Index and policy meetings of the US and Japanese central banks are scheduled for later this week.