In the Tokyo market on the 8th, USD/JPY held above its lows after falling to ¥152.88 in the morning, then recovered in the afternoon as dollar buying intensified on the back of rising crude oil prices and US long-term interest rates. Trading ranges for the major currency pairs remained narrow.
In the Tokyo market on the 8th, USD/JPY held above its lows, falling to ¥152.88 in the morning. The dollar was subsequently bought back against a backdrop of activity in crude oil prices and rising US long-term interest rates, and the pair recovered.
The day's trading ranges were ¥152.88–¥154.37 for USD/JPY, ¥177.86–¥179.44 for EUR/JPY and 1.1621–1.1635 for EUR/USD.
Market participants believe that the Bank of Japan's policy direction and developments in international markets will drive short-term price movements, and said that the outlook may fluctuate depending on movements in crude oil prices and long-term interest rates.