The dollar-yen pair, which approached 145 yen on Wednesday, then moved around 144 yen, and the trend of correction prevailed in the Tokyo market today. Although the price fell below the mid-143 yen level in the London market yesterday, US Fed Chairman Jerome Powell reiterated his positive attitude toward aggressive interest rate hikes in the future, and the dollar continued to appreciate, approaching the mid-144 yen level. To expand. The yen was trading around 144 yen in the Tokyo morning, but in addition to adjustments ahead of the weekend, Bank of Japan Governor Kuroda said that it was a sudden change of 2 yen to 3 yen per day, and the yen Buying intensified, and the price fell below the mid-142 yen level. After that, even after recovering to the 143 yen level, the topside is generally heavy. A sense of caution over the recent rise in the dollar-yen rate has suppressed the upper price, and corrections have spread mainly among short-term investors.
It is possible that this trend will continue in overseas markets as well. Next week, the US consumer price index will be released on Tuesday, and growth is expected to slow for the second time since last time. Although Chairman Powell’s speech was completed yesterday and there are plans to make remarks such as Mr. Waller tonight, there will be a blackout period before the FOMC from tomorrow, and there will be no remarks by key figures, so there will be adjustments. It is also easy to enter.
Coordination movement as a whole. After passing the ECB Governing Council, the weekend and BOJ Governor Kuroda’s remarks against yen depreciation added to a major adjustment mood. We expect the adjustments to continue tonight.