In Tokyo trading on the morning of the 24th, dollar-yen was soft, with the dollar retreating from its highs after rising temporarily. Expectations of additional Fed rate hikes and remarks by Finance Minister Katayama (片山) warning against yen depreciation affected the market, with trading ranges reported.
In Tokyo trading on the morning of the 24th, dollar-yen moved in a range of ¥157.79 to ¥158.37. Euro-yen traded between ¥179.51 and ¥180.24, while euro-dollar ranged from $1.1369 to $1.1388. Expectations of additional Fed rate hikes kept higher interest rates and a stronger dollar in focus, while moves to restrain yen depreciation were also seen.
There was a view in the market that expectations of US rate hikes would continue and that the dollar's strengthening trend would persist. At the same time, efforts to curb yen depreciation also emerged, with policy developments in Japan and the US influencing exchange rates.
In comments by senior officials, US Treasury Secretary Bessent (ベッセント) indicated an intention to extend the trade truce with China through 10 January, while Chinese President Xi Jinping (習近平) said he hoped for a constructive path in US-China relations. Finance Minister Katayama (片山) avoided commenting on exchange-rate levels but said the policy of coordinated intervention by Japan and the US remained in place.
Australia's unemployment rate (August) was 4.6%, unchanged from the previous reading of 4.5%. These economic indicators and remarks drew market attention and may influence exchange-rate movements going forward.