Overview

• Japan’s currency weakened to as low as ¥152.28 per dollar in Sydney before holding in the low-¥152s across Asian trading.
• At 5 p.m. in Singapore, the dollar was around ¥152.34 against the yen, about one yen stronger than the Oct. 10 New York close.
• Market participants linked the reversal to an earlier overreaction to President Trump’s warning of 100% additional tariffs on Chinese rare‑earth exports, which initially drove dollar selling and then buybacks.
• Tokyo’s market closure for a Japanese holiday curtailed liquidity and funneled activity through Sydney and Singapore sessions.
• SMBC economist Ryota Abe said yen selling appeared as London opened but lacked momentum, noting Japan’s political developments could materially shift the outlook.