Yen Holds in Low ¥148s in Tokyo Before Slipping to Mid-148s in New York
Traders pointed to expected Fed rate cuts narrowing the U.S.–Japan yield gap.
Overview
- In Tokyo, the yen closed near 1 USD = ¥148.04–06 at 5:00 p.m. JST, about ¥0.07 firmer than the prior session.
- By New York morning trade, the rate shifted to ¥148.50–60 per dollar, leaving the yen roughly ¥0.91 weaker versus the previous day.
- Market participants cited ongoing expectations for Fed rate cuts as the key factor encouraging yen buying by narrowing the yield differential.
- Real‑money dollar purchases by domestic importers provided offsetting support for the greenback and kept flows mixed.
- An LDP presidential debate generated no notable surprises and had limited effect on currency trading, according to an FX broker.