Tokyo Forex Market Stagnant Amid Falling Oil Prices

Tokyo's foreign exchange market was characterized by directionless price action on the 24th, with major currency pairs trading within tight ranges as the weekend approached.

The USD/JPY pair hovered in the late 163 yen range, with little conviction among traders who refrained from aggressive position-building. Profit-taking selling emerged after the previous day's approach toward the 164 threshold, weighed down by falling crude oil futures and lower US long-term interest rates.

Falling WTI crude oil prices to around $90 per barrel prompted a decline in US long-term interest rates to 4.68%, leading to broad-based adjustment selling of the dollar. However, dip-buying by market participants who had missed earlier opportunities provided support at lower levels.