Dollar rises to 157.90 yen range on BOJ Tankan, meeting summary

In the Tokyo foreign exchange market on Oct 1, the dollar/yen pair stood at about 157.91 yen as of 10:00 a.m., up about 1.00 yen from the prior day's 5:00 p.m. level, reflecting dollar strength and yen weakness.

In the New York foreign exchange market on Sep 30, the dollar/yen pair closed at about 157.41 yen, up slightly more than 0.10 yen from the prior session, as dollar buying emerged following an upward revision to final Apr-Jun real gross domestic product (GDP) from the prior estimate. The pair briefly rose into the 157.50 yen range during the session.

In Tokyo trading on Oct 1, dollar buying and yen selling were dominant. The Bank of Japan's Sep Tankan survey, released in the morning, showed the business conditions diffusion index (DI) for large manufacturers improved for the sixth straight quarter but came in below market expectations, while the non-manufacturing DI deteriorated from the Jun survey - factors weighing on sentiment. Additionally, Summary of Opinions from the Monetary Policy Meeting held Sep 17-18, released simultaneously, included a view it would be appropriate to raise the policy interest rate and adjust the degree of monetary easing, but this was interpreted as not signaling an acceleration of rate hikes. The dollar extended its gains to the 157.90 yen range about 9:50 a.m.

The euro stood at about 1.1333 dollars against the dollar, down slightly more than 0.0010 dollars from the prior day's 5:00 p.m. level. Against the yen, the euro traded at about 178.97 yen, up about 0.95 yen from the same reference point.

Source: MINKABU PRESS

*Translated by generative AI. Click here for the original article.