USD/JPY fell to ¥156.08 in the Tokyo market before rebounding as the stock sell-off eased. Dollar buying led the market as participants watched crude oil prices.
In the Tokyo market on the morning of the 23rd, USD/JPY briefly fell to ¥156.08 before rebounding from the upper ¥156 range into the ¥157 range. Yen buying led at one point against a backdrop of sharp declines in Asian stocks, including the Nikkei, but receded as the stock sell-off eased. EUR/JPY widened slightly from the first half of the ¥175 range to the latter half of the ¥176 range, while EUR/USD rose from 1.1209 to 1.1226.
US interest rates showed signs of holding firm, while firmer crude oil prices were believed to have affected dollar buying. The trading ranges in the Tokyo market to date were USD/JPY ¥156.08–¥157.12, EUR/JPY ¥175.20–¥176.17 and EUR/USD US$1.1209–US$1.1226.
Japan's national CPI for September was announced at +2.1% year on year, versus a forecast of +2.1% and a previous reading of +1.9%. The article notes that these figures may have affected movements in USD/JPY.