In the New York market on the 3rd, the yen surged on expectations of a narrowing Japan-US interest rate gap, temporarily reaching ¥155.30 per dollar. Yen buying has prevailed as expectations of a September BOJ rate hike spread.
In the New York foreign exchange market on the 3rd, the yen temporarily surged by more than ¥3 against the dollar, reaching ¥155.30 per dollar. Expectations have spread that dollar selling and yen buying prevailed in the market amid a focus on the narrowing Japan-US interest rate gap.
As of 5 p.m., the yen had pared its gains slightly to around ¥155.75–85 per dollar, up ¥2.89 from the previous day, while the euro stood at $1.1621–31 and ¥181.06–16.
Some market participants cited the spreading view that the BOJ will raise interest rates in September as the backdrop, and it was reported that the yen's sharp rise occurred without any indications of intervention.