The yen fell to the lower ¥158 range per dollar in the London market. The market was in wait-and-see mode ahead of the US midterm elections, but yen selling and dollar buying prevailed.
In the London foreign exchange market, the yen fell to the lower ¥158 range per dollar. At 10:00 a.m., it was ¥158.00-158.16, representing a ¥0.22 weaker yen and stronger dollar than at 4:00 p.m. the previous day. During overseas trading hours, the yen moved narrowly in the ¥157.60-157.90 range.
During London hours, yen selling and dollar buying were somewhat dominant, with the yen falling from the ¥157.70 range to the ¥158.10 range. After rising in response to lower crude oil prices, the dollar appeared to be bought back as positions were adjusted. Some market participants believe that the market has increasingly priced in a Democratic victory in the US midterm elections.
Against the euro, the yen was quoted at €1 = ¥176.89-176.99. The euro was quoted at €1 = $1.1186-1.1196 against the dollar, and the pound at £1 = $1.3405-1.3415.
With economic indicators due after the US midterm elections, some market participants expect the market to remain range-bound.
The above information is based on a report by Jiji Press.