According to Yonhap Infomax, the USD/JPY exchange rate declined 0.13% to 158.276 yen as of 12:55 p.m. KST on November 9. Despite dollar strength driven by expectations of further U.S. rate hikes, the rate came under selling pressure as Japanese exporters and other end-users increased yen purchases and sold dollars. Earlier in the day, the rate had risen to 158.523 yen before falling to 158.136 yen mid-morning, then recovered slightly as bargain-buying emerged.

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