USD/JPY fell for the first time in six sessions in the New York market on the 25th, closing at ¥157.28. Yen buying prevailed following the Japan-US summit and comments from financial authorities.
USD/JPY fell for the first time in six trading sessions in the New York market on the 25th, closing at ¥157.28. The dollar was approximately ¥1.58 weaker than the previous day's New York close of ¥158.86. The move was attributed to concerns about yen weakness expressed at the Japan-US summit and confirmation at an online meeting between the Japanese and US finance ministers that the yen's undervaluation should be corrected.
High long-term US interest rates provided support for the market, but yen buying and dollar selling intensified, pushing USD/JPY temporarily down to ¥156.94 before 11 p.m. It was also reported that US Treasury Secretary Scott Bessent had discussed the desirability of a strong yen, based on Japan's economic fundamentals.
EUR/USD ended slightly higher for the first time in five sessions at $1.1391. After briefly falling to around $1.1386 when long-term US interest rates reached high levels, buying back the euro prevailed. EUR/JPY fell, closing in the low ¥179s.
The reference ranges for the day were USD/JPY ¥156.94-¥158.95, EUR/USD $1.1368-$1.1411 and EUR/JPY ¥178.92-¥180.85.