Dollar-yen was soft in morning trading in Tokyo, moving in a range of ¥157.79 to ¥158.37. While expectations of further Fed rate hikes remained strong, remarks by Finance Minister Katayama aimed at curbing yen depreciation restrained the market through dollar selling and yen buying.
Dollar-yen was soft in Tokyo morning trading on the 24th, ultimately moving in a range of ¥157.79 to ¥158.37. Including moves during European hours, euro-yen remained between ¥179.51 and ¥180.24, while euro-dollar stayed within a range of $1.1369 to $1.1388.
In comments from officials, US Treasury Secretary Bessent said an agreement had been reached to extend the trade truce with China through 10 January, and expressed the view that the US president and President Xi Jinping (習近平) are expected to hold 4 meetings this year. Meanwhile, President Xi Jinping (習近平) said that the historical logic of peaceful coexistence between China and the United States had not changed and expressed hope for stronger constructive relations.
Finance Minister Katayama said he would not comment on exchange-rate levels and explained that the principles remained in force even after the coordinated intervention by Japan and the United States. Australia's unemployment rate rose to 4.6% in August, deteriorating from 4.5%, which had improved by 0.1 percentage point from the previous month.
The day's information showed that while expectations of Fed rate hikes remained strong, there were instances in which remarks aimed at curbing yen depreciation prompted dollar selling and yen buying.