Yen Gives Back Half of Tokyo’s Gains as Dollar Climbs Toward 159.50

The Japanese yen gave back roughly half of the gains that Tokyo had bought earlier, while the dollar ground higher against the yen on Wednesday. There was no specific headline behind the move.

USD/JPY was trading near 159.50, after finding a low just beneath 158.60. The pair’s advance was modest, with the dollar recording only a small gain on the day. Traders were left watching the 159.50 area after the earlier dip below 158.60, with no obvious driver to extend the move.