In the Tokyo market on the morning of the 12th, dollar-yen consolidated near its lows as dollar-selling pressure spread. NY crude oil futures were in the $90 range, the US 10-year Treasury yield fell, and euro-related pairs traded within narrow ranges.
In the Tokyo market on the morning of the 12th, dollar-yen fell to the low ¥158 range before consolidating around ¥158.10. With trading thin due to the market holiday, dollar-selling pressure spread, euro-dollar edged higher and euro-yen remained firm. New York crude oil futures weakened in the $90 range, while the US 10-year Treasury yield also fell. The trading ranges to date were USD/JPY 158.11 to 158.40, EUR/JPY 177.18 to 177.35, and EUR/USD 1.1193 to 1.1214.
While dollar-yen settled around the mid-¥158 range at times, there was also speculation that dollar-selling pressure would continue. Market participants in Europe and the US and thin trading in the Tokyo market were cited as possible contributing factors.