Dollar-Yen Pair Falters in New York Hours Amid Intervention Jitters

The dollar-yen pair traded with a heavy tone in New York foreign exchange on the 18th. The market carried over the dollar-buying, yen-selling momentum from Tokyo and European hours following the Bank of Japan's monetary policy decision, but caution over potential currency intervention by the Japanese government and the BOJ prompted a shift toward yen repurchasing.

As of midnight, the pair stood at 157.45 yen, roughly 25 sen weaker for the dollar compared with the 157.70 yen level at 10 p.m. The intraday reference range on the 18th spanned from 155.87 yen to 158.05 yen, a volatile band of roughly 2.20 yen.

During European hours, the pair had climbed to 158.05 yen, its highest level since September 3, but momentum stalled once New York trading began, and the market flipped to a yen-repurchasing bias.