03/04/2026 20:33

Release： 03/04/2026 20:33

Update： 03/04/2026 20:33

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This is a magazine for upskilling in FX trading. Two features: FX Evangelist Endō's USD/JPY analysis, and former mega-bank chief dealer Hayashi's global analysis of the foreign exchange market.

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The trend to unwind the "dollar-buying due to Middle East tensions" is leading, and USD/JPY fell for the first time in three days.

【3/4Market Overview

Tokyo time, the dollar/yen is157.60on a range around the 157.60 level as the Nikkei stock average extended its declines, and after Finance Minister Katayama’s warning about a weaker yen157.18the dollar/yen fell to about 157.18. In European hours, reports that an Iranian intelligence official proposed conditions for ending the conflict led to a reversal of the “safe haven dollar buy” trend, and the dollar/yen briefly dipped to156.85yen.In New York time, the dollar/yen rose to around157.40yen on a recovery, but concerns over possible currency intervention by the government and the BOJ weighed on the market, pushing it back to about156.88

Additionally, in the ADP employment report released today,2月ADPUS nonfarm payrolls (private-sector employment) rose byNFP6.3万人増と予想5.0万人増を上振れ、2月米ISM非製造業景況指数は56.1と予想53.5を上振れたが、相場の反応は限定的。