Tokyo Market Shifts as Rate Hike Bets Fade

The Tokyo financial market opened on August 10 with a broad-based shift in asset movements. As expectations for an early U.S. Federal Reserve rate hike receded, dollar selling and yen buying intensified.

The yen strengthened to the upper 157 range, trading at 157.94-96 per dollar, a 0.46 yen gain from the previous weekend's settlement price.

Gold futures on the Osaka Exchange extended their rally, with the benchmark June 2027 contract opening at 22,573 yen per gram, up 195 yen from the previous weekend's price.

Crude oil futures also continued to climb, suggesting a spreading risk-on sentiment across the broader commodity market.