Overview

• By late afternoon in Tokyo on Oct. 16, the dollar traded at ¥151.23–151.25, essentially unchanged from the prior day.
• In New York on Oct. 15, the dollar hovered at ¥150.99–151.09, leaving the yen about ¥0.77 stronger versus the previous session.
• Tokyo morning trade on Oct. 16 saw the dollar at ¥150.69–150.73, reflecting roughly a ¥0.55 day-on-day yen gain at that point.
• Market reports attribute the yen’s firming primarily to expectations that the Federal Reserve will move toward monetary easing, which would narrow the U.S.–Japan interest-rate differential.
• Some dealers also pointed to dollar selling linked to concerns about worsening U.S.–China trade friction, while cross rates showed the euro near $1.164–1.165 and about ¥176.