Dollar at 162 yen level in Tokyo; geopolitical risk and intervention concerns drive pricing

On the morning of Monday, 13 May, in Tokyo foreign exchange markets, the Japanese yen traded in the first half of the 162 yen range against the dollar. As of 10:00, the dollar gained 0.40 yen compared to the previous weekend, rising to the 162.09-162.10 yen level.

During the same hours, the Euro lost 0.21 yen against the Japanese yen, declining to the 184.71-184.72 yen level. Thus, the yen followed a mixed course against both the dollar and the Euro.

In the market, the increasing uncertainty regarding negotiations to end the conflict between the US and Iran led to "crisis buying" for the dollar. On the other hand, market participants are closely monitoring the possibility that the Japanese government and the Central Bank might intervene in the foreign exchange market.