The rebound from “dollar buying in times of trouble” remains limited, and the USD/JPY stays firm in the 160 yen range.

【6/15Market Overview

In Tokyo time, as the memorandum to end hostilities between the U.S. and Iran was signed, the rebound of “dollar buying in times of crisis” led the dollar/yen lower to159.71yen, but following gains in the Nikkei average, it recovered to the160yen range and then rose to160.23yen. In European trading, with the Bank of Japan monetary policy meeting (6/15-16) andFOMC (6/16-17) ahead, the pair held in the low 160s.160yen level with little movement.NY time, as market participants awaited U.S.-Japan financial events, a cautious mood prevailed, and in theNYafternoon, broad dollar buying gained momentum, pushing the dollar/yen to160.39yen.

【6/16Market Outlook