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Strong Selling Pressure on Yen with Adjustments Amid Yen Weakening Remarks
extending the trend that began last week. In the morning session.
“Strong Selling Pressure on Yen with Adjustments Amid Yen Weakening Remarks”
The yen has faced sustained selling pressure, extending the trend that began last week. In the morning session, the currency managed to break through the selling barrier around the key level of 142 yen, reaching a precise level of 142.20 yen. Notably, despite Finance Minister Suzuki’s comments on yen depreciation, the yen demonstrated resilience, maintaining its foothold around the significant 142 yen level. Consequently, we witnessed a resurgence in the dollar’s strength against the yen, with the exchange rate climbing to 142.25 yen. Minister of Economy, Trade, and Industry Nishimura further echoed the yen-weakening sentiment, leading to a subsequent decline in the exchange rate to the range of 141.50 yen before midday.
During the afternoon session, we observed a moderate yen buyback, contributing to a recovery in the exchange rate, propelling it back within the 142 yen range. This rebound was fueled by active market participation, particularly from London.
Meanwhile, the euro-dollar pair remained within the lower 1.09 range. Although there was a brief touch of 1.0911 dollars in the morning amidst the prevailing trend of a stronger dollar, the overall movement lacked significant momentum.
Turning our attention to the euro-yen pair, it climbed to 155.30 yen following the dollar-yen rate’s ascent to 142.25 yen. However, subsequent yen buying pressure resulted in the exchange rate dipping below 154.60 yen. Mirroring the pattern observed in the dollar-yen movement, yen selling pressure resurfaced in the afternoon, causing a substantial retracement of the yen’s gains from the morning and settling the rate around 155.20 yen.
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