The yen weakened against the U.S. dollar on Nov. 3 as markets weighed a wide U.S.-Japan rate gap, stronger-than-expected U.S. job openings and volatile crude prices relevant to Japan’s import costs.
FXStreet put USD/JPY at 158.50, up 0.37%, at 11:05 a.m. ET (16:05 UTC). The U.S. Bureau of Labor Statistics (BLS) said employers had 7.523 million job openings at September’s end, compared with a revised 7.190 million in August; the openings rate was 4.5%. Reuters reported a 7.1 million forecast among economists it surveyed, while FXStreet listed 7.13 million.
On Oct. 28, the Federal Reserve kept its target range for federal funds at 3.75%-4.00%. Two days later, the BOJ maintained its overnight call rate at around 1.25%. FXStreet cited the rate difference and Japan’s exposure to imported energy among factors weighing on the yen.
Oil prices also reversed lower during Tuesday’s trading. Reuters reported Brent crude at $106.61 a barrel and U.S. West Texas Intermediate (WTI) at $98.06 at 2:44 a.m. ET (07:44 UTC). At 10:44 a.m. ET (15:44 UTC), Brent was down 2% at $103.14 and WTI was down 1% at $95.79, Reuters reported.
Reuters reported a U.S. strike on Iran’s Qeshm Island, citing U.S. officials. Euronews said U.S. Central Command had issued no formal confirmation or denial, and that no Iranian military or government official had formally confirmed a direct attack. Qatar Foreign Ministry spokesperson Dr. Majed bin Mohammed Al Ansari said communications between the parties had developed, but there was no specific breakthrough.
Japan’s exposure makes oil costs significant for businesses and households. Mineral-fuel imports equaled about 3% of nominal GDP in 2025, according to the BOJ. In a speech, BOJ Governor Kazuo Ueda said the Middle East supplies more than 90% of Japan’s crude oil. The BOJ says costlier crude sends a larger share of income overseas and can reduce corporate profits and households’ real incomes. In discussing oil-price pass-through, the central bank also referred to the 2022 post-invasion rise in commodity prices.
The BLS scheduled the October Employment Situation report for Friday, Nov. 6, at 8:30 a.m. ET. The BOJ’s next policy meeting is set for Dec. 17-18, 2026.
