Yen Near ¥157 Per Dollar in Tokyo and New York Trading

A sharp Nikkei rally encouraged selling of the safe-haven currency.

Overview

On Jan. 5, the yen traded around ¥156.97–¥156.99 at 5 p.m. in Tokyo, about ¥1 weaker than the Dec. 30 pre-holiday level.
In New York morning trading, the rate stood near ¥156.90–¥157.00 per dollar, matching the Tokyo range.
Market participants warned that moves toward about ¥157 increase caution over possible currency intervention and can prompt yen-buying orders.
A strong advance in Japanese stocks reduced risk aversion and added to downward pressure on the yen.
In cross trading, the euro was quoted around ¥183.46–¥183.50 in Tokyo.