Dollar-yen opened under pressure in Tokyo on September 9 after failing to reclaim ¥155, with U.S. Treasury Secretary Bessent’s warning on the yen accelerating yen buying and dollar selling. The pair stood at ¥153.73 at 8:00 a.m., about 25 sen below the New York close, after briefly touching ¥153.63. The yen’s sharp gains the previous day were supported by stronger Japanese wage data, an upward revision to second-quarter GDP growth and speculation that the Bank of Japan could accelerate rate hikes. Expectations surrounding a possible GPIF (Government Pension Investment Fund) asset-allocation review also remained a yen-supportive factor, although an immediate review was increasingly seen as unlikely. Higher crude oil prices, geopolitical tensions and elevated U.S. long-term interest rates continued to support dollar demand, limiting the pair’s downside. The projected range for dollar-yen was ¥152.90 to ¥154.50, with selling expected around ¥154 and support in the upper-¥152 zone. Markets were also watching Chinese inflation data, Japanese money-stock and machine-tool orders, European and U.S. events, and U.S. long-term yields.