In the Tokyo market immediately after the Bank of Japan kept its policy rate unchanged at 1.25%, dollar-yen traded in a narrow range. Attention is focusing on future developments following the upward revision to the inflation outlook in the Outlook Report.
Dollar-yen traded in a narrow range in the Tokyo market on the morning of the 2nd, rising gradually from its early-morning level and currently trading in the mid-¥157s.
At its October Monetary Policy Meeting, the Bank of Japan kept its policy rate unchanged at 1.25% and revised its inflation outlook upward in its Outlook Report. This has prompted attention to expectations of additional rate hikes.
The day’s trading range was ¥157.45 to ¥157.71 for dollar-yen, ¥175.55 to ¥176.00 for euro-yen, and 1.1148 to 1.1164 for euro-dollar. Euro-yen was trading around the ¥175.90 level and euro-dollar around $1.1156.
Among major currencies, dollar-yen moved within a narrow range, while the market continued to monitor developments against the backdrop of the Bank of Japan’s outlook and expectations of future rate hikes.