In the Tokyo foreign exchange market on the afternoon of the 25th, USD/JPY rose to the mid-¥159 range late in the session as buying by European players predominated. It was around ¥159.43-¥159.45 at 5 p.m.
USD/JPY rose toward the end of trading in Tokyo on the 25th after moving within the day's range. It traded in the low ¥159.00 range in the morning before rising to the ¥159.20 range ahead of the 10 a.m. fixing. It then rose as high as around ¥159.40 in response to movements in crude oil futures and US long-term interest rates.
In the afternoon, USD/JPY gave back some of its gains to around ¥159.20 as WTI futures and US long-term interest rates fell, but buying returned late in the session and pushed it higher. At one point, the market was also reportedly moved by a Reuters report that remarks by Pakistan's interior minister were seen as a market factor. It subsequently traded in the ¥159.20-¥159.30 range.
From next week onward, a speech by the Bank of Japan's deputy governor and Fed-related events are scheduled, and market participants generally said the market was strongly in wait-and-see mode. The euro rose against the yen and fell against the dollar. At 5 p.m., EUR/JPY was around ¥185.88-¥185.90, while EUR/USD was around $1.1658-$1.1659.
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