The yen-dollar rate, which had surged to the 164-yen level per dollar, has been falling day after day.
On the morning of the 8th in the Tokyo foreign exchange market, the yen-dollar rate at one point fell to the 152-yen level per dollar, with the yen's value hitting its highest level in about seven months since mid-Feb.
Around 5 p.m. the previous day, the yen-dollar rate was in transaction at about 155.5 yen per dollar, but soon fell to the 154-yen level and then dropped to the 152-yen level on the day. It is a level that was not reached even during the interventions by Japan's foreign exchange authorities in Apr.–May and July.
The market says the shift reflects the United States and Japan speaking out more aggressively to correct yen weakness. Scott Bessent, the U.S. Treasury secretary, said at the Group of 20 (G20) finance ministers' meeting earlier this month that the yen is undervalued, a remark seen as pressuring Japan to raise its benchmark interest rate.
Nikkei reported that as expectations grow that the Bank of Japan will move to raise the benchmark interest rate in succession at this month's monetary policy meeting and subsequent meetings within the year, yen buying has gained the upper hand.
In addition, analysts say the preference for the dollar that had continued due to the Middle East situation has eased, pulling back dollar-buying sentiment.