Following reports of the Strait of Hormuz being completely opened, the USD/JPY fell to the mid-157 yen range temporarily.

【4/17Market Overview】

Tokyo time, USD/JPY rose on the back of dollar buying around the fixing and remarks by Bank of Japan Governor Ueda that “rising crude oil prices worsen trading conditions and weigh on the economy,” and that at the April meeting they would examine the likelihood of achieving the outlook and risks while setting policy, and that the G7 did not indicate a wait-and-see stance for monetary policy by the BOJ, which did not point to expectations for an earlier rate hike, pushing the pair up to159.53yen. In European trading, reports suggested that next talks between the United States and Iran toward ending the hostilities would be held in Pakistan on the19day, and that Iran might give up enriched uranium in exchange for the United States lifting about200billion dollars in asset freezes. In addition, Foreign Minister Javad Zarif of Iran declared that after the Lebanon ceasefire, the Strait of Hormuz would be fully open during the ceasefire period, and President Trump of the United States also stated that the Strait of Hormuz would be fully open. As crude oil futures prices plunged, stocks rose and the dollar weakness prevailed, the USD/JPY fell to157.59yen. After a retreat in selling, the USD/JPY rebounded and bought back, rising to158.28yen.

【4/20Market View】