Forex summary: Dollar rises to around 158.40 yen, boosted by BOJ meeting's 'main opinions' and other factors

In Tokyo foreign exchange trading on Oct 1, the dollar stood at around 158.38 yen as of 3:00 p.m., up more than 1.40 yen from the prior day's 5:00 p.m. level on dollar strength and yen weakness. The euro traded at around 179.26 yen, up more than 1.20 yen, also reflecting euro strength and yen weakness.

The dollar-yen pair traded in the 157.50 yen range at 9:00 a.m., but dollar buying and yen selling subsequently dominated. The dollar rose to around 158.40 yen heading into 3:00 p.m. The Bank of Japan's Sep Tankan survey showed the business conditions diffusion index (DI) for large manufacturers at plus 24. While improving from plus 22 in Jun, it fell short of market consensus of plus 25. Additionally, the summary of opinions from the BOJ's Sep monetary policy meeting, released by the central bank, reinforced views that content indicated no urgency for rate hikes. As expectations for additional BOJ rate hikes receded, the dollar strengthened and the yen weakened further.

Against the dollar, the euro traded at around $1.1317, down more than $0.0020, reflecting euro weakness and dollar strength.

Source: MINKABU PRESS

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