Dollar-yen extended its decline during Tokyo trading on the morning of the 21st, as the U.S. 10-year Treasury yield fell below 4.97% despite firm expectations for additional Federal Reserve rate hikes. The pair was reported to have briefly reached 157.57 yen, while the listed morning range showed a low of 156.57 yen and a high of 157.11 yen. Euro-yen fell below 180 yen, and euro-dollar remained in a narrow $1.1477-to-$1.1485 range. Reports of a BOJ rate check during New York trading late last week have heightened intervention concerns, while the absence of many Japanese market participants reduced liquidity and left prices vulnerable to sharp movements.