In the Tokyo market on the morning of the 29th, the yen remained firm, with dollar-yen at ¥157.35-157.37 as of 10:00. Although the yen continued to weaken against the dollar as US long-term interest rates kept rising, no concentration of orders was seen around the fixing.
In the Tokyo foreign exchange market on the morning of the 29th, the yen remained firm. As of 10:00, one dollar was ¥157.35-157.37, representing a 13-sen decline in the yen and rise in the dollar from 17:00 the previous day. Real-demand buying and selling did not significantly influence the market's direction, and some market participants said there was no concentration of orders around the fixing before 10:00.
Following the rise in US long-term interest rates the previous day to their highest level since mid-June 2007, yen selling and dollar buying reportedly continued as traders focused on the Japan-US interest-rate differential. On the other hand, some viewed remarks by Japanese and US monetary authorities discouraging yen depreciation as supporting caution in the market and providing a factor underpinning the yen.
The yen rose against the euro. As of 10:00, one euro was ¥178.84-178.87. The euro extended its decline slightly against the dollar, with one euro at $1.1365-1.1366 as of 10:00.