There is no progress in talks toward ending the war, and the dollar/yen rebounds.
【5/11Market Overview
In Tokyo time, on weekend5/10Iran sent a response to the US proposal for ending the war, but President Trump said, "I have read Iran's reply and I do not like it. It is completely unacceptable," and pushed back. As after-hours crude futures rose and a “safe-haven dollar buying” mood emerged, the USD/JPY rose to157.18yen. After buy orders paused, ahead of US Treasury Secretary Mnuchin's visit to Japan,157yen in the lower 150s with little movement. In European time, the USD/JPY lacked a clear direction due to a lack of surprises, staying around the lower 157s as a cautious mood persisted.NYtime, when reports that President Trump was considering military action against Iran circulated, crude futures rose and the “safe-haven dollar buying” prevailed, lifting the USD/JPY to157.26yen.
【5/12Market View