Overview

• The yen traded in the low ¥147 per dollar range through Oct. 2, ending Tokyo at about ¥147.07–¥147.09 and quoted in New York near ¥146.94–¥147.04.
• Weak U.S. employment signals and a partial U.S. government shutdown supported safe‑haven yen buying and pushed U.S. long‑term yields lower.
• Expectations for additional Federal Reserve rate cuts strengthened as yields fell, narrowing the perceived U.S.–Japan rate gap.
• A rebound in the Nikkei and further gains in U.S. equities encouraged risk taking and yen selling, leaving only limited net movement on the day.
• Bank of Japan deputy governor Shinichi Uchida’s remarks were viewed as ambiguous on future hikes and had little impact on the currency.