Dollar/yen holds a narrow range in the low 159s.

【5/29Market Overview

Tokyo time, the USD/JPY rose as high as159.37yen following a firmer Nikkei average,159.30yen around ranges.5/29release of the5month Tokyo metropolitan CPI (CPI) with core up+1.3% year on year, and core-core up+1.6% both below expectations. Finance Minister Katayama’s warning that if speculative moves occur, “decisive action will be taken” was reported, but reactions were limited. In European time, USD/JPY traded in a tight range around the low-¥159 level as attention turned to the fate of talks on US-Iran peace. 159yen earlyrange.In New York time, as flows of dollar selling linked to the month-end London fixing were observed, USD/JPY briefly fell to159.09yen, after which it moved without a clear direction around the low-¥159 level.

【6/1Market View