Yen weakens in Tokyo to 158-yen range as US long-term yields rise
In short
The yen traded weaker against the dollar in Tokyo on Oct. 5, quoted at 158.09–11 around 1 p.m., 52 sen weaker than the previous week's close, Sankei Shimbun reported. Sankei attributed the dollar buying to higher US long-term yields and cited a market participant warning of possible government and Bank of Japan intervention. Yomiuri Shimbun later put the yen at 157.65–67, 8 sen weaker than the previous close, while Tokyo Shimbun reported the currency in the upper 157 range in its morning report.
Why it matters
The yen's level matters because it feeds directly into import costs and consumer prices in Japan, and because talk of intervention signals official concern about rapid moves. Why the reported degree of weakening differs between outlets is not explained in the documents, so the size of the move remains uncertain.
Key facts
- Sankei Shimbun reported the yen at 158.09–11 per dollar at 1 p.m. in Tokyo, 52 sen weaker than the previous week's close. [ 2 ]
- Yomiuri Shimbun reported the yen at 157.65–67 per dollar, 8 sen weaker than the previous week's close. [ 3 ]
- Tokyo Shimbun reported the yen in the upper 157 range in a 10:40 a.m. report. [ 1 ]
- The euro was quoted at 176.54–55 yen at 1 p.m., 89 sen higher against the yen. [ 2 ]
- Sankei said dollar buying was dominant after US long-term yields rose at the end of the previous week, on expectations the Japan-US interest rate gap would widen. [ 2 ]
- A market participant cited by Sankei said there was also caution about intervention by the government and the Bank of Japan. [ 2 ]
Confirmed by several sources
Still unclear
- How much the yen weakened from the previous week's close. Sankei reported the yen 52 sen weaker at 1 p.m. while Yomiuri reported it 8 sen weaker later in the day; the documents do not explain the difference in the reference points used.
- Whether Japanese authorities intervened in the currency market. Sankei quotes a market participant mentioning caution about government and BOJ intervention, but no document reports that an intervention took place.
- Why the yen was reported in the upper 157 range at 10:40 a.m. and at 158.09–11 at 1 p.m. The two figures come from different outlets and the documents do not reconcile the intraday levels.
What local media are saying
Timeline, local time
- Tokyo Shimbun reports the yen at 157 yen to the dollar, in the upper half of the range. [ 1 ]
- The yen is quoted at 158.09–11 per dollar, 52 sen weaker than the previous week's close, with the euro at 176.54–55 yen. [ 2 ]
- Yomiuri Shimbun reports the yen at 157.65–67 per dollar, 8 sen weaker than the previous week's close. [ 3 ]