Risk aversion spread in the Tokyo market on 30 October against a backdrop of falling Japanese and US stocks, sending dollar-yen down to the mid-¥157 range. The rate was around ¥157.55 as of 5 p.m., representing a dollar decline of approximately 27 sen against the yen from the previous day.
Dollar-yen alternated between rebounds and declines throughout the day, rising to around ¥157.90 at about 9 a.m. before selling by exporters ahead of the Tokyo fixing pushed it down to around ¥157.20.
In the afternoon, the rate briefly rose to around ¥157.60 ahead of the announcement of the BOJ’s monetary policy meeting results, then reportedly fell to around ¥157.10 on selling prompted by concern over the decline in share prices.
The BOJ kept its policy rate unchanged, and its Outlook Report indicated that inflation would reach the 2% target, but many commentators said the market reaction was broadly as expected and limited.
In the afternoon session, dollar-yen recovered to the mid-to-high ¥157 range as the decline in share prices narrowed. The euro rose against both the yen and the dollar, with rates at around ¥176 per euro and $1.1189–1190 per euro as of 5 p.m.