$Dollar-Yen Pair Surges to Mid-157 Range on US Yields Recovery

The dollar-yen pair rose to the mid-157 range in New York trading on the 21st, with the price reaching 157.46 yen as of midnight. This increase was driven by U.S. long-term interest rates paring their earlier declines, which receded expectations for a narrowing of the U.S.-Japan interest rate differential.

As a result, yen-selling and dollar-buying gained the upper hand, with the pair briefly touching an intraday high of 157.52 yen just before midnight.

In the Tokyo market, liquidity was thin due to a national holiday, but the dollar-yen showed resilience against further declines. The pair stood at 156.89 yen as of noon, nearly flat from the previous Friday's New York close of 156.88 yen.