Dollar/Yen faces ahead pressure on intervention fears, but the “safe-haven dollar buying” trend remains unchanged.
【3/30Market Overview
In Tokyo time, as crude oil futures prices rose, the dollar/yen rose past the previous high of160.41yen, reaching160.46yen. After that, Finance Minister Amari said that “it's about time for decisive action,” delivering a strong deterent against a weaker yen, and the dollar/yen fell. The overseas10year Treasury yield also declined, souring sentiment, pushing the dollar/yen down to159.61yen. In European time, the dollar/yen continued the yen-strengthening trend.NYtime, concerns over government/BOJ currency intervention expanded, and broad yen buying was dominant, with the dollar/yen falling to as low as159.32yen. After selling subsided, ongoing concerns that Middle East tensions would prolong, and as crude oil futures remained firm, gains against European and Oceania currencies emerged, pushing the dollar higher, and the dollar/yen rebounded to159.74yen.
【3/31Market View