Ahead of the release of US employment data, the dollar-yen rate traded in the low ¥157 range in the Tokyo foreign exchange market. As of noon, the dollar was at ¥157.35–35, up 13 sen from the previous day.
In the Tokyo market on the morning of the 29th, the dollar-yen rate traded sideways in the low ¥157 range ahead of the release of US employment data. At noon, the rate was ¥157.35–35 per dollar, representing a weaker yen and stronger dollar than the ¥157.22–22 level at the same time the previous day.
In overseas trading the previous day, the dollar fell temporarily to around ¥156.50 after comments by the Vice Minister of Finance for International Affairs on yen depreciation were reported, then recovered to approach ¥157.60. Trading in Tokyo that morning continued around the same level, with buying and selling believed to be driven by real-money accounts ahead of month-end causing the rate to move up and down.
The dollar rose to around ¥157.50 at one point during the day, then was bought again and climbed close to ¥157.60 before coming under selling pressure on the rebound toward noon. A foreign-exchange broker said the rate was likely to “remain within a ¥157-low to ¥157-mid range, with little sense of direction.”
Market participants said wait-and-see sentiment could strengthen ahead of the release that night of the August employment dynamics data, while European currencies also continued to trade within ranges against the yen and dollar.