In the Tokyo market, dollar-yen traded within a range of ¥159.59 to ¥159.84 and lacked clear direction. Euro-yen traded between ¥185.43 and ¥185.69, while euro-dollar moved in a range of 1.1606 to 1.1624.
In the Tokyo market on the morning of the 1st, dollar-yen was range-bound, remaining within a narrow range while keeping the psychologically significant ¥160 level in focus. Although expectations of an early U.S. rate hike made dollar buying more likely, movements were limited.
Yen crosses were pressured by yen buying, with euro-yen continuing to trade around the mid-¥185 range. There were also periods when risk aversion against the dollar intensified.
Finance Minister Katayama (片山) said coordinated intervention by Japan and the United States was based on international agreements and expressed the view that orderly stability in the yen market was important. There had reportedly been no discussions regarding the repurchase of U.S. Treasuries, and he described the exchanges concerning future cooperation as constructive.
Among economic indicators, the manufacturing PMI (August) came in at 51.5, above the forecast of 50.7 and representing a slight improvement from the previous reading.