USD/JPY falls sharply as Japanese and US stock indices drop, but then quickly rebounds in a "back-and-forth" move.

【11/14Market Overview

Tokyo time, USD/JPY rose to154.74yen on the around-the-fix buying observation, but later, following the declines in the Nikkei average154.31yen came under pressure. Thereafter, with the pair hovering around the mid-154 yen level and little movement. In European trading, as the dollar strengthened against euro and other European currencies, USD/JPY rose to as high as154.76yen, but then the decline in the U.S. 10-year Treasury yield triggered yen buying and dollar selling. On the backdrop of declines in the Nikkei and U.S. and European stock indices, safe-haven yen buying and dollar selling intensified, bringing the pair down to153.61yen. After a quick bout of selling, as the overnight session’s Nikkei futures and Nasdaq composite moved back into positive territory, dollar/yen led with a rebound in buying.NYtime, as U.S. and Japanese equity indexes remained stable, USD/JPY rose to154.74yen, and afterward moved with little change around the154yen mid-to-high range.

【11/17Market View