The yen’s USD/JPY pair advanced slightly on Thursday, briefly breaking above 155 yen for the first time in nearly 10 months

Most Asian currencies moved in a tight range on Thursday, with the yen flitting around levels that attract government intervention.

The Australian dollar firmed past its peers after stronger-than-expected employment data dampened expectations for more interest rate cuts by the Reserve Bank. The AUD/USD pair gained 0.2%.

Broader Asian currencies kept to a tight range. The yuan’s USD/CNY pair dropped 0.1% after a strong midpoint fix from the People’s Bank.

The won’s USD/KRW pair recovered mildly from its highest levels in seven months while the Singapore dollar’s USD/SGD and Taiwan dollar’s USD/TWD both moved little.

The Indian rupee’s USD/INR pair added 0.1% after consumer inflation data read much weaker than expected for October, raising bets on more interest rate cuts by the Reserve Bank of India (RBI).

The yen’s USD/JPY pair advanced slightly on Thursday, briefly breaking above 155 yen for the first time in nearly 10 months. The Japanese currency also touched its lowest level ever against the euro, amid an increasingly bearish outlook for the currency.

The 155 yen level has attracted intervention by the Japanese government in currency markets in the past, with traders now waiting to see whether Prime Minister Sanae Takaichi’s administration will do so.

Bank of Japan (BOJ) Governor Kazuo Ueda struck a dovish tone on Thursday, stating that the central bank was aiming at moderate inflation with wage rises and economic growth.

Comments from Finance Minister Satsuki Katayama also reiterated the Takaichi administration’s stance that it was premature for the BOJ to hike rates, with inflation still seen below the central bank’s 2% annual target.