Dollar-yen fell to the mid-¥158 range in Tokyo morning trading, with the yen bought on the back of remarks by Finance Minister Katayama and lower oil prices. Euro-yen traded in the mid-¥180 range, while pound-yen remained in the ¥209 range.
During the morning session in Tokyo, dollar-yen fell to around ¥158.33, with yen buying prevailing. The move was driven by comments from Finance Minister Katayama that President Trump had expressed concern about yen depreciation at the Japan-U.S. summit.
Reports that Iran's foreign minister had proposed at the United Nations General Assembly a seven-day plan calling for an end to hostile acts against the United States, the reopening of the Strait of Hormuz and the comprehensive launch of nuclear talks pushed down oil prices in the market and reportedly supported yen buying.
In line with dollar-yen's move, euro-yen fell to around ¥180.17, pound-yen to around ¥209.30 and Australian dollar-yen to around ¥110.05. The yen was generally observed to be firm amid the lead-up to the U.S. midterm elections.
Market participants were reported to be wary of possible foreign exchange intervention and policy announcements going forward, against the backdrop of Finance Minister Katayama's remarks and developments in the Middle East.