Dollar-Yen Falls as Exporter Selling Weighs on Tokyo FX

The yen weakened against the dollar in Tokyo foreign exchange trading on September 24th. At noon, the dollar-yen pair was trading at 157.86-88 yen per dollar, a 0.38 yen dollar gain/yen decline compared with 5 p.m. on the 18th.

While yen selling and dollar buying dominated at times amid expectations of additional U.S. rate hikes, dollar selling by Japanese exporters capped the upside, pulling the pair down from the 158 yen range seen early in the morning.

A major Japanese bank noted that 'Exporter selling emerged after the extended holiday,' with the pair pushed down to the 157.70 yen range at one point.