Dollar-yen was firm in European markets, rising from ¥156.86 to ¥157.08. Yen selling led the market, with euro-yen trading in a ¥178.01–¥178.37 range and euro-dollar in a 1.1346–1.1360 range.
Dollar-yen was firm in European markets, rising from ¥156.86 to ¥157.08. Yen buying prompted by concerns over coordinated intervention by Japan and the United States paused, while yen selling lifted major currencies.
Euro-yen traded in a ¥178.01–¥178.37 range, and euro-dollar in a 1.1346–1.1360 range. U.S. 10-year Treasury yields are viewed as likely to encourage dollar selling if they decline.
The day’s movement was reported as a continuation of broad strength in cross-yen pairs, led by dollar-yen, following developments in European and U.S. markets. The pairs were observed trading near the upper ends of their ranges.
Market participants are watching policy and interest-rate developments in Japan and the United States, with views that factors driving a shift between yen weakness and yen strength could come back into focus.