Following Governor Ueda's cautious stance on additional rate hikes, the USD/JPY rises to the upper 157 yen range.

【12/19Market Overview

In Tokyo time, the Bank of Japan decided at its Monetary Policy Meeting to raise the policy rate by0.25%156.16yen. In European hours, after Governor Kuroda’s press conference stating that “estimation of the neutral rate shows considerable dispersion and it is difficult to identify in advance,” and that “the scope for rate hikes will be judged by checking effects on the economy, prices, and finance,” the yen selling was taken as the BOJ showing a cautious stance toward accelerating the pace of hikes, and yen selling led the way.NYtime, as U.S. stocks and Nikkei futures rose, the dollar/yen increased to157.78yen.

【12/22Market View