Yen Steadies Near ¥147 as Rate‑Cut Bets Rise and Stocks Extend Gains

Safe‑haven interest tied to a partial U.S. shutdown was offset by risk appetite from rising equities.

Overview

The currency held in the low ¥147 range, from ¥147.18–22 in Tokyo morning to ¥147.07–09 late session, before trading near ¥147.18–19 by 3 a.m. JST on Oct. 3.
New York trading also hovered around ¥147 per dollar, with quotes near ¥146.94–147.04 as the Dow moved higher.
Traders pointed to softer U.S. employment signals that strengthened expectations for additional Federal Reserve rate cuts, lowering U.S. yields and narrowing the U.S.–Japan rate gap.
Brief yen buying was reported on concerns linked to a partial U.S. government shutdown viewed as a drag on U.S. growth.
Bank of Japan Deputy Governor Shinichi Uchida spoke at a financial event, but his ambiguous tone on future rate hikes had limited impact on the currency.