Dollar/Yen dips on Mr. Bessent's post, but extends for a sixth day to the 159 yen level.

【5/19Market Overview

In Tokyo time, dollar/yen rose toward the midpoint for the fixing,159.03yen as oil futures stayed firm, and as the U.S. 10-year yield rose in after-hours,10year yield rose to159.05yen. In European time, dollar/yen traded around the low 159s.159yen area, tugging back and forth.In New Yorktime, as U.S. Treasury Secretary Janet Yellen posted on herSNSthat “excessive exchange-rate fluctuations are not desirable,” the dollar/yen briefly dropped to158.61yen, but soon rebounded. When the U.S. 10-year yield rose, the dollar/yen moved up to159.25yen.

Meanwhile,G7 (the Group of Seven) finance ministers and central bank chiefs meeting, after which Finance Minister Katayama said that “Japan’s currency policy stance is understood” and that “we are ready to take decisive action against currency movements,” causing the dollar/yen to fall to158.78yen.

【5/20Market View