USD/JPY cautious of Japan-US coordination rate checks driven by safe-haven dollar buying.
【2/27Market Overview
Tokyo time, dollar/yen faced risk-off selling driven by the decline in the Nikkei, with U.S. Treasury yields declining during after-hours trading, and the dollar/yen briefly dropping to155.53yen. Thereafter, as the Nikkei recovered to positive territory in the afternoon, the dollar/yen rebounded to around155.90yen. In European trading hours, amid heightened caution over Middle East developments, crude oil prices surged and U.S. equities fell sharply. The dollar/yen, amid a confluence of risk-off yen buying and safe-haven dollar buying, rose to156.23yen.NYSEtime, the dollar/yen briefly eased to155.83yen, then after January U.S.PPIcame in higher than expected,156.22yen reached.
【3/2Market View
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