Dollar buying became dominant in the Tokyo market after it emerged that there had been a dissenting vote on the BOJ's rate hike decision, pushing the dollar up to the upper ¥156 range against the yen at noon.
In the Tokyo foreign exchange market on the morning of the 18th, the dollar-yen rate rose to ¥156.64–66 per dollar at noon, up 96 sen from ¥155.68–68 at 5 p.m. the previous day, as buying came first after the existence of a dissenting vote on the BOJ's rate hike decision was reported. During European trading, the pair continued to trade in a narrow range in the upper ¥155 range. The dollar briefly declined during U.S. trading against a backdrop of lower oil prices and falling long-term U.S. yields, but later rebounded on renewed buying, pushing the rate back up.
After 9 a.m., buying by real-demand participants came first, lifting the rate to around ¥156.30 after the fixing. Although the dollar was at times pressured by selling into rallies once the initial buying had run its course, market participants said dollar buying and yen selling became dominant after the BOJ's rate hike decision was released shortly before noon and it emerged that there had been a dissenting vote. Among European currencies, the euro rose against the yen while continuing to trade in a narrow range against the dollar.
Some market participants said dollar buying and yen selling could intensify if Governor Ueda's press conference in the afternoon was not as hawkish as expected.