Business · Markets · 5 hrs ago
Yen weakens to around 158 per dollar ahead of US midterm elections
The yen weakened against the dollar in New York trading on Nov.
2, ending at 157.90 to 158.00 yen per dollar.
The move came as traders adjusted their positions before the US midterm elections on Nov.
3.
The yen also fell against the euro, while the euro gained against the dollar.
A 7.4% drop in US oil prices eased concern that Japan’s import costs would worsen its trade balance, helping limit the yen’s decline.
Lower US long-term bond yields also narrowed the interest-rate gap between the United States and Japan, supporting the yen.
Election uncertainty kept currency moves in a narrow range, as traders were reluctant to bet heavily in one direction.
The trading figures reflect the market close on Nov.
2; no further market outlook is given.
The yen weakened against the dollar in New York trading on Nov. 2, closing at 157.90–158.00 yen per dollar.
The move came as traders adjusted positions ahead of the US midterm elections on Nov. 3.
Falling oil prices and lower US long-term yields limited demand for the dollar and supported the yen.
The yen’s trading range was narrow, at 33 sen.
- Who
- Traders in the New York foreign exchange market.
- What
- The yen weakened against the dollar, closing at 157.90–158.00 yen per dollar.
- When
- Nov. 2, ahead of the US midterm elections on Nov. 3.
- Where
- The New York foreign exchange market.
- Why
- Position adjustments ahead of the election prompted yen selling and dollar buying. Lower oil prices and US yields limited the dollar’s gains.
This story does not have two clearly opposing sides.
The yen fell 30 sen against the dollar from the previous weekend to close at 157.90–158.00 yen per dollar in New York.
The US midterm elections were scheduled to be held.
- Closing exchange rate
- 157.90–158.00 yen per dollar
- Change from previous weekend
- Yen weakened by 30 sen
- Trading range
- 33 sen
- Election date
- Nov. 3, 2026
- WTI price change
- Fell 7.4% to the mid-$96-per-barrel range
What people are saying
There was an atmosphere in which it was difficult to tilt positions in one direction ahead of the US midterm elections.