Dollar/yen rises for the fourth day, climbing into the upper 159s.

【3/13Market Overview

In Tokyo time, the dollar/yen pair fell asWTIcrude oil futures declined in after-hours trading,159.01yen to the downside was limited. Although Finance Minister Katayama stated that they would take thorough measures regarding the FX market at all times, there was no indication of imminent intervention, so the dollar yen declined, reaching159.67yen. Also, President Trump posted onSNS“Let’s see what happens in Iran today,” and the fear of conflict in the Middle East strengthened dollar buying. In European trading, when the U.S. Treasury announced a temporary easing of sanctions on Russian crude, after-hoursWTIcrude futures fell to1barrel =92dollars, pulling down the price to the low $90s. The unwind of “safe haven dollar buying” proceeded, and the dollar/yen fell to159.00yen. In after-hoursNYtime, amid the Middle East tensions,WTIcrude futures rose to99dollars, lifting the US stock market early on, but then the FX market saw renewed “safe haven dollar buying.” Additionally, stronger-than-expected3month U.S. University of Michigan consumer sentiment index preliminary reading and1month U.S.JOLTS(Job Openings and Labor Turnover Survey) showed a stronger tone than expected, and 10-year U.S. Treasury yields rose, keeping the dollar/yen rising to159.72yen. Overall, the pair moved up.

【3/16Market Outlook