In the Tokyo foreign exchange market on the morning of the 27th, the yen weakened and USD/JPY moved into the upper ¥157 range. Expectations of demand ahead of month-end are being viewed as a source of dollar-buying pressure.
USD/JPY was ¥157.64–65 on the morning of the 27th, representing a 52-sen weakening of the yen and strengthening of the dollar from the level as of 5:00 p.m. the previous day. Intermittent yen selling and dollar buying associated with position adjustments in the morning, together with expectations of dollar buying by real-demand participants, kept the yen's gains in check.
Ahead of the 10:00 a.m. fixing, a foreign exchange official at a domestic bank said that dollar buying was expected to prevail ahead of month-end. Yen selling and dollar buying by domestic importers were being watched, and the rate temporarily fell to around ¥157.78 shortly after 10:00 a.m.
The yen was also soft against the euro, at ¥176.10–13 per euro as of 10:00 a.m. The euro was slightly lower against the dollar, at around $1.1171 per euro. Major currency levels as of 10:00 a.m. were USD/JPY ¥157.64–65, EUR/JPY ¥176.10–13 and EUR/USD around $1.1171.