In today's foreign exchange market, dollar-yen traded in the low ¥157 range, with buying returning after the yen strengthened during London hours. Expectations have been reported that the rebound trend will continue.
In today's foreign exchange trading, dollar-yen traded in the low ¥157 range. The yen strengthened during part of the session, at one point sending dollar-yen sharply lower from the upper ¥157 range to the ¥156 range, but buying returned thereafter.
The market views the rebound trend as continuing, although dollar-yen has not moved to test ¥160 in one sweep. The options market is showing signs of positioning for a recent decline in dollar-yen.
It has been reported that concerns over intervention by Japanese authorities have strengthened in the short-term zone, following the spread of expectations last week during New York hours that the Bank of Japan had conducted a rate check. At the same time, it has been pointed out that the low number of market participants during the long holiday period for Japanese investors makes market signals difficult to read.
Options expiring at the 23:00 JST New York cut are being watched at ¥157 and ¥158. In trading on the 22nd, levels of ¥157.00 ($924 million) and ¥158.00 ($1.30 billion) were indicated.