In the London market, the yen rose to the upper ¥156 range per dollar. Yen buying and dollar selling advanced against a backdrop of weaker US stocks and movements in US long-term interest rates.
As of 10 a.m. London time, USD/JPY traded in a range of ¥156.76 to ¥156.86, with the yen stronger and the dollar weaker after moving above the previous afternoon's level of around ¥156.35. During Tokyo hours, it had briefly been around ¥156.
Following a sharp fall in technology stocks in the US equity market and a decline in long-term US interest rates, yen buying and dollar selling prevailed, and USD/JPY rose from the lower ¥157 range to the upper ¥156 range. The yen also strengthened against the euro.
The market noted that risk aversion over AI investment could weigh on the dollar, with the yen and Swiss franc potentially viewed as safe-haven assets. The yen strengthened against the euro by around ¥0.61. EUR/USD was generally around $1.1185–$1.1195 per euro, while GBP/USD was around $1.3398–$1.3408 per pound.