Dollar-yen was weak in Tokyo trading on the 9th, reaching ¥158.52 early in the morning before yen buying gained the upper hand after reports that the Ministry of Finance's intervention amount was large. It was pushed down to around ¥157.90 toward evening.
The Ministry of Finance announced that the total amount of the coordinated Japan-US intervention announced today was ¥15.3993 trillion, comprising ¥7.9756 trillion on 30 July, ¥5.5523 trillion on 31 July and ¥1.8714 trillion on 3 August. Following the announcement, dollar-yen reached the ¥158 level in the morning before yen buying gained the upper hand and the pair traded weakly.
In the afternoon, the decline in long-term US Treasury yields and the loss of momentum in crude oil prices also had an impact, increasing selling pressure on the dollar. In intraday trading, dollar-yen was pushed down to ¥157.90, euro-yen traded around ¥176.60, and euro-dollar traded in a range of $1.1141 to $1.1173.
The Nikkei Stock Average opened at ¥57,960.70, reached a high of ¥59,440.18 and a low of ¥57,775.16, and closed at ¥58,775.50, up ¥1,340.73 from the previous day. Among economic indicators, China's consumer price index rose 0.7% year on year in October, while the producer price index rose 5.7% year on year. Both results were slightly below market expectations.
The Ministry of Finance announced that total foreign exchange intervention in the July-September quarter amounted to ¥15.3993 trillion. The intervention during the month was reportedly conducted in coordination between Japan and the United States.