In Tokyo foreign exchange trading on the 3rd, the yen temporarily rose to around ¥157 per dollar. Expectations of faster Bank of Japan rate hikes and remarks by U.S. Treasury Secretary Bessent (ベッセント) fueled speculation that the yen’s weakness would be corrected, prompting increased yen buying.
In Tokyo trading on the 3rd, the yen temporarily rose to around ¥157 per dollar. This was its highest level in about a month, since 10 August, as expectations of faster Bank of Japan rate hikes and remarks by the U.S. Treasury secretary fueled speculation that the yen’s weakness would be corrected.
As of 5 p.m. that day, the yen was trading at around ¥159.70 per dollar. In the New York market, it rose at one point to around ¥158.21, indicating that the yen strengthened further after Tokyo trading on the 3rd.