The yen strengthened against the U.S. dollar in Tokyo on Oct. 21, with Bank of Japan rates showing USD/JPY lower by late afternoon ahead of Japan’s next inflation release.
At 8 p.m. ET Oct. 20 (9 a.m. JST Oct. 21), the Bank of Japan (BOJ) listed USD/JPY at ¥158.28–¥158.30 per $1. By 4 a.m. ET Oct. 21 (5 p.m. JST), it had fallen to ¥158.12–¥158.14. The BOJ’s rate sheet showed a daily range of ¥158.03–¥158.39.
USD/JPY measures how many yen buy one dollar, so a lower reading means the dollar bought fewer yen and the yen strengthened. The move was modest, with the late-day reading still near ¥158 per dollar.
FXStreet reported that United Overseas Bank Limited (UOB) Senior Technical Strategist Quek Ser Leang and Economist Lee Sue Ann put the 24-hour range at ¥157.90–¥158.65 in their Oct. 21 outlook. The outlet said the separate one-to-three-week band remained ¥157.50–¥159.05, and linked that wider range to the analysts’ Oct. 14 view. FXStreet quoted the pair as saying there had been “no shift in directional momentum.”
The latest rate update follows earlier coverage of the yen’s Oct. 20 advance and UOB’s range view.
In its Sept. 18 policy decision, the BOJ identified yen depreciation, high crude oil prices and AI-related demand among sources of producer-price pressure. It said some price pressure between businesses had begun reaching consumers. The central bank set its overnight call-rate guideline at around 1.25%, effective Sept. 24, and said it would consider exchange-rate developments when setting policy.
Japan’s September consumer price index is due at 7:30 p.m. ET Oct. 22 (8:30 a.m. JST Oct. 23). The BOJ’s next policy meeting is scheduled for Oct. 29–30.
