Following remarks by U.S. President Trump, the dollar-yen rate fell to the mid-159 yen range.

【4/13Market Overview

London time, following the failure of peace talks between the United States and Iran at the end of last week, crude oil prices surged, and the dollar/yen rose to159.85yen. Thereafter, it faced resistance just above the160yen level and fell to the mid-159s. In European trading hours, Bank of Japan Governor Ueda, at the Trust Convention (read by Deputy Governor Himi no) expressed views that “as Middle East tensions intensify, financial markets are showing unstable movements” and that “we will monitor the impact of Middle East tensions and reassess the likelihood of the outlook and risks.” Given the possibility that a prolonged tense Middle East situation could suppress production, markets began to see4 rate hikes for April being priced out, and the dollar/yen rose to159.85yen. NYtime, President Trump posted onSNSthat “yesterday, a ship passed through the Strait of Hormuz34ships” and that it was the highest number since tariffs began. He further stated in a press conference that “we have heard from the Iranian side, and they strongly desire a deal.” Crude prices fell, the NYDowJones Average rebounded, and in the currency market there was a reversal of “safe-haven dollar buying,” with the dollar/yen dropping to159.28yen.

【4/14Market View