Yen Falls to Upper 163 Range Against Dollar Amid Crude Oil Price Drop

The Japanese yen depreciated against the US dollar in the Sydney foreign exchange market on July 24, trading within the upper 163-yen range.

This represents a decline of roughly 0.75 yen from the same time the previous day, when it was trading at 163.09-10 yen per dollar.

The Australian dollar rose against the yen, breaking above the 114-yen threshold and recovering to 114.14-17 yen per Aussie dollar, up from 113.96-97 yen the previous day.

The decline in the yen is likely due to excessive dollar-buying momentum after crude oil futures fell below $88 per barrel, causing commodity-linked currencies such as the Australian and New Zealand dollars to weaken against the greenback.