Dollar/yen fell to as low as 155.01 yen amid expectations of BOJ yen-buy intervention.
【5/6Market Overview
In Tokyo time, President Trump announced that discussions toward a comprehensive agreement with Iran had “made great progress,” and he would temporarily halt the Navy’s ship support operation in the Strait of Hormuz, “Project Freedom.” In response, due to tensions in the Middle East, the dollar/yen rose to157.92yen. In the afternoon, there were moves suggesting government and Bank of Japan yen-buying intervention, and the dollar/yen fell to155.01yen. Thereafter it rebounded to the156yen level. In European time, as the fate of U.S.-Iran peace talks drew attention, the dollar/yen fell to155.62yen, but later recovered to around the156yen level. At NY time, the dollar/yen followed the movements of crude oil prices and U.S.10year bond yields, moving slightly in the low 156s to the156yen range.
【5/7Market View