In Tokyo trading at the start of the week, the yen remained in the upper ¥155 range per dollar. With expectations for an additional Bank of Japan rate hike remaining strong, yen buying and dollar selling prevailed amid awareness of a narrowing interest-rate gap between Japan and the United States.
In Tokyo’s foreign exchange market on the morning of Monday the 7th, the yen traded in the upper ¥155 range per dollar. As of 10 a.m., the yen was up 41 sen against the dollar from the previous weekend at ¥155.88-89 per dollar, while the euro was down 54 sen against the yen at ¥181.11-12 per euro.
Market participants said that some overseas markets were closed, leaving fewer participants in the market.
With expectations for an additional Bank of Japan rate hike remaining strong, yen buying and dollar selling prevailed amid awareness of a narrowing interest-rate gap between Japan and the United States.
The day’s movements were affected by short-term market conditions, and the tug-of-war in the foreign exchange market is likely to remain a focus.