In the Tokyo market on the afternoon of the 23rd, dollar-yen traded almost unchanged in the ¥157.60 area. At the same time, the market was in wait-and-see mode ahead of the Japan-US summit, as expectations of coordinated intervention grew while pressure to buy the yen was also observed.
In the Tokyo market on the afternoon of the 23rd, dollar-yen traded almost unchanged in the ¥157.60 area. While concerns about Japan’s fiscal management persisted, there was also a view that yen selling was likely to emerge against the backdrop of pressure for a weaker yen.
Expectations of coordinated intervention around the Japan-US summit were spreading, while pressure to buy the yen also remained. The trading ranges were ¥157.35 to ¥157.67 for dollar-yen, ¥180.11 to ¥180.38 for euro-yen, and 1.1425 to 1.1449 for euro-dollar.
The day’s news showed a mix of periods when major currencies weakened against the yen and market caution with intervention in mind.