Dollar-yen was subdued in the Tokyo market, rising briefly to ¥158.37 during the day's trading before falling to ¥157.79. Expectations of further rate hikes by the Federal Reserve weighed on the pair, while remarks by Finance Minister Katayama (片山) cautioning against yen depreciation prompted dollar selling and yen buying.
In the Tokyo market on the morning of the 24th, dollar-yen was subdued, trading in a range of ¥157.79–¥158.37. Euro-yen moved between ¥179.51 and ¥180.24, while euro-dollar traded at 1.1369–1.1388.
While expectations of further rate hikes by the Federal Reserve were expected to support higher interest rates and a stronger dollar, remarks by Finance Minister Katayama (片山) cautioning against yen depreciation prompted dollar selling and yen buying, pushing the market lower.
Regarding comments by key figures, U.S. Treasury Secretary Bessent was reported to have said that an agreement had been reached to extend the trade truce with China through 10 January, and that President Xi Jinping and President Trump were expected to meet four times this year. President Xi Jinping also said that the historical logic of peaceful coexistence between China and the United States remained unchanged and expressed hope for stronger constructive relations.
As for economic indicators, Australia's August unemployment rate was reported to have improved to 4.6% from 4.5% previously.