In Tokyo trading on the morning of the 24th, the dollar rose against the yen against a backdrop of strong US economic data and expectations for additional Federal Reserve rate hikes, with the dollar trading in the lower ¥158 range.
In Tokyo foreign exchange trading on the morning of the 24th, the dollar-yen rate traded in the lower ¥158 range, standing at ¥158.26-158.27 as of 9 a.m., up 77 sen for the dollar against the yen from around ¥157.49 at 5 p.m. the previous day.
Although developments concerning the Bank of Japan's response were mixed during European trading hours from the 18th onward, expectations for additional rate hikes widened on the 23rd following strong US PMI data and remarks by Federal Reserve Governor Barr, while US long-term interest rates remained at elevated levels.
In Tokyo trading as well, many market participants believe that expectations for an early Federal Reserve rate hike will support the dollar and limit its downside. The euro fell against both the yen and the dollar, with the euro-dollar rate declining to around its lowest level in about two months.
As of 9 a.m., the euro was ¥180.13-180.13 per euro, while EUR/USD was around $1.1381-$1.1382.