Dollar-Yen Steady Amid Paused Yen Buying
The dollar-yen pair held firm in a narrow trading range centered around 157.10 on the Tokyo foreign exchange market, as yen-buying momentum paused temporarily.
The trading range spanned from 156.37 to 157.45, slightly wider than the previous day's European session, with U.S. long-term interest rates remaining at elevated levels.
Euro and pound trading against the dollar remained soft, while EUR/JPY moved between 177.34 and 178.55, and euro-dollar traded in a range of $1.1329 to $1.1343.
Market participants continue to remain on alert for potential currency intervention by Japan's government and the Bank of Japan, with the pause in yen buying reflecting a view that while intervention concerns linger, elevated U.S. interest rates are providing underlying support for the dollar.