Finance Minister Katayama’s warnings against yen depreciation and the softening of the U.S.-Japan stock indexes pushed the dollar/yen to the lower 153s.

【11/4Market Overview

In Tokyo time, the dollar/yen rose to as high as154.48yen, butFinance Minister Katayamasaid there are “one-sided and rapid moves” in the exchange rate, and the Nikkei stock average softened in the afternoon, while U.S. stock futures in after-hoursNYfell,153.50yen was seen, and153.31yen by the end of the session. NYtime, the dollar/yen was153yen around the mid- to high- level, fluctuating. It should be noted that some U.S. government agency shutdowns have already entered their2nd month, and11/4scheduled to be released9thJOLTS job openings and9th month U.S. trade balance, etc., were postponed.

【11/5Market View