USD/JPY traded weakly in the Tokyo market on the 17th. Morning dollar selling pushed the pair below the 150-yen range, and although it temporarily recovered in the afternoon, it came under renewed pressure in the evening and traded in the low 158-yen range. The euro strengthened against the yen, while the Nikkei average edged higher from the previous day.
USD/JPY traded weakly in the Tokyo market on the 17th, falling from ¥159.36 to the 158-yen range on morning dollar selling. Although it temporarily recovered in the afternoon, intermittent dollar selling toward evening pushed it below the morning low, sending it down to around ¥158.84.
EUR/JPY rose to the upper ¥184 range, while EUR/USD climbed from $1.1566 to $1.1611. The Nikkei Stock Average opened at ¥68,882 and closed at ¥69,220.25, up ¥506.45 from the previous day. As of 17:00, USD/JPY was at ¥158.90-00, EUR/JPY at ¥184.40-50, and EUR/USD near 1.1610.
Among economic indicators, Japan's GDP (April-June) grew at an annualized quarter-on-quarter rate of +1.1%, below the forecast of +2.1%. Japan's tertiary industry activity index fell 0.2% month on month, a better result than the forecast decline of 1.0%. China's retail sales (July) rose 0.6% year on year, while industrial production (July) increased 4.5% year on year, both below forecasts.
In comments by officials, Iran's Foreign Ministry said that the memorandum exchanged with the United States in Islamabad did not contain a 60-day deadline, and indicated its intention to continue discussions on the Strait of Hormuz issue and with Oman.