Yen Holds in Low-158 Per Dollar

Overview

• The yen traded around ¥158 in both Tokyo and New York sessions, with Tokyo quotes near ¥158.07–¥158.09 and New York near ¥158.37–¥158.47.
• Better-than-expected U.S. data pushed investors to buy dollars because they saw higher odds of more U.S. interest-rate rises.
• At times, ongoing U.S. election vote-counting and a drop in Japanese stocks led some investors to move into the yen, producing brief episodes of yen buying.
• The euro was quoted around ¥177–¥178 against the yen during the same trading sessions.
• Foreign-exchange moves reflected a clash between interest-rate expectations that favor the dollar and short-lived shifts in risk appetite that bring demand for the yen, a pattern that could keep the yen volatile if U.S. data or election news changes.