In the Tokyo foreign exchange market on the morning of the 28th, USD/JPY softened to the mid-¥157 range. As of 9:00 a.m., the dollar was at ¥157.42–44, down 66 sen against the yen from the end of last week.
In the Tokyo market on the morning of the 28th, concern expressed by the U.S. president over yen weakness, against the backdrop of remarks by Finance Minister Katayama, weighed on the dollar, which fell against the yen and softened to the mid-¥157 range. As of 9:00 a.m., the rate was ¥157.42–44 per dollar.
In overseas markets at the end of last week, the dollar briefly fell below ¥157, but losses were limited against the backdrop of elevated U.S. long-term interest rates. From the middle of the session onward, it traded in a range of around ¥157.00–30. Toward the close, it was in the ¥157.20 range.
Buying led early trading in Tokyo on Monday, briefly pushing the dollar back into the ¥157.60 range. It has since struggled to extend gains. Some market participants viewed this as dip-buying after the sharp decline at the end of last week, while others said the U.S. president's expression of concern over yen weakness made it difficult for the dollar to move higher. The pair is expected to trade around the mid-¥157 range going forward.
The euro fell against the yen and was slightly lower against the dollar. As of 9:00 a.m., the euro was at ¥179.11–13 against the yen and at $1.1378–1.1390 against the dollar.