In the Tokyo market on the afternoon of the 13th, dollar-yen moved into the ¥160 range and briefly exceeded the psychological ¥160 level. Amid caution over coordinated intervention by Japan and the US, additional dollar buying and yen selling are expected to be restrained.
In the Tokyo market on the afternoon of the 13th, dollar-yen broke above the psychological ¥160 level and extended its gains to the ¥160.10 area. The trading range so far has been ¥159.79 to ¥160.10. Euro-yen moved between ¥176.59 and ¥177.04, while euro-dollar traded in a $1.1047-$1.1063 range.
As caution over coordinated intervention by Japan and the US increases, some market participants believe that further dollar buying and yen selling may be restrained. There is also speculation that yen selling will ease in response to a decline in US stocks tonight.
The market's range-bound tone continues, and movements around key exchange-rate levels are being watched as trading progresses in the Tokyo market.