With a rebound from a triple-yen drop, USD/JPY rebounded from the 157s to the 158s.

【1/21Market Overview

In Tokyo time, the USD/JPY traded in a narrow range around the 158 yen level. During European hours, concerns grew that tensions between the U.S. and Europe would rise over the U.S. purchase of Greenland, leading to selling of U.S. assets and a selling of the dollar, with USD/JPY briefly dropping to157.74yen. NYTime, while President Trump signaled his willingness to pursue Greenland ownership at the Davos World Economic Forum, he voiced opposition to the use of force, easing concerns about U.S.-European confrontation. Additionally, Trump stated on hisSNSthatNATO2月1日 would not be imposed, further reducing concerns about U.S.-European confrontation. There was a surge in efforts to unwind the U.S. “triple decline” (stock declines, bond declines, and dollar declines). NYThe Dow Jones rose briefly by over800points, and the yield on the 10-year Treasury fell to around4.24%, lifting the dollar and contributing to a rebound in USD/JPY to as high as158.53yen.

【1/22Market View