In Tokyo trading on the 28th, dollar/yen struggled to extend gains. Although buying emerged temporarily against a backdrop of higher oil prices and US interest rates, it retreated toward the evening. Reports discouraging yen weakness are also believed to have affected concerns about coordinated Japanese-US intervention.
In Tokyo trading on the 28th, dollar/yen struggled to extend gains. Although buying emerged as a reaction to the previous weekend's decline, the pair remained within a ¥157.34 to ¥157.85 range. Higher oil prices and US interest rates also provided a backdrop. Euro/yen traded between ¥179.04 and ¥179.72, while euro/dollar moved between $1.1373 and $1.1391.
Market participants said concerns about coordinated Japanese-US intervention had resurfaced following remarks by US President Trump discouraging yen weakness. This may have contributed to dollar/yen's inability to extend gains and its retreat toward the evening.
The day's trading ranges were ¥157.34 to ¥157.85 for dollar/yen, ¥179.04 to ¥179.72 for euro/yen, and 1.1373 to 1.1391 for euro/dollar.