Following Finance Minister Katayama's remarks cautioning against yen depreciation, dollar-yen fell temporarily in the Tokyo market before rebounding, while cross-yen pairs also moved. Movements in NY crude oil and the level of US Treasury yields are thought to have been factors.
Dollar-yen's rise paused in the Tokyo afternoon. After recovering to the ¥158 range the previous day, it rose to around ¥158.37 in the morning. However, it temporarily fell after Finance Minister Katayama made remarks cautioning against yen depreciation, declining to around ¥157.80. It then turned higher again, recovering to around ¥158.40 in the afternoon, above its morning high.
Euro-dollar traded in a narrow range around the $1.13 level, following the trend of the previous day's high. Among cross-yen pairs, selling temporarily eased before they turned higher again. Euro-yen fell temporarily to the lower ¥179 range before recovering to the ¥180 range.
Australian dollar-yen fluctuated following the release of Australia's employment report. It fell against the dollar to around $0.7018 at one point, but subsequently rose again, tracking the stronger dollar. In the afternoon, it extended gains to the mid-¥111 range, with persistent expectations of an interest rate hike by the Reserve Bank of Australia also thought to be a factor.