Overview
- The dollar traded around ¥160.3 in New York and Tokyo sessions, with market quotations showing about ¥160.32–160.33 in early Tokyo trading on June 6.
- By late New York trading on June 5 the dollar had strengthened to roughly ¥160.28–160.38 after May U.S. employment data came in firmer than expected.
- Market participants said the jobs report increased expectations that the Fed will raise rates again this year, which made the dollar more attractive versus the yen.
- A June 4 agreement to resume a ceasefire between Israel and Lebanon briefly encouraged investors to buy yen as a safer asset, but that move produced only small, short-lived yen gains.
- Session-to-session moves have been modest, only a few tenths of a yen, and traders say the next big swings will most likely follow fresh U.S. data, shifts in Fed expectations, or new geopolitical developments.