The upward trend in US bond yields has not stopped, while the Governor of the Bank of Japan Kuroda emphasized that “additional easing without hesitation if necessary” and maintaining a easing stance, and the dollar-yen pair will develop steadily. In 2015, the authorities became more cautious about the depreciation of the yen from the 125 yen level, and as the Kuroda line is being warned near the current level, we are cautious about another round from here. However, it seems that the flow is still upward.
A move to factor in a significant rate hike in May in the United States. Depending on the US consumer price index to be announced tomorrow, there is a possibility that not only the next time but also a large rate hike several times within the year will be factored in, and the dollar-yen pair is expected to move upward considerably in the medium to long term.
Aware of the firmness in the latter half of the 124 yen range, it is expected that the movement will exceed 125 yen. It is expected that there will be a movement to be aware of the 125.80 yen level that was set in 2015.
Pay attention to whether the dollar-yen pair will easily exceed the high price of 2015, around 125.80, which is the focus of attention, or whether a large yen repurchase will occur.