USD/JPY rises, hitting as high as 163.24 yen on “safe-haven dollar buying.”

【7/21Market Overview

In Tokyo time, dollar-yen moves with little in the way of catalysts,162.50yen to the upside and downside limit. In European hours, Chief Cabinet Secretary Hirokazu Matsuno said, “The specific methods of monetary policy should be left to the Bank of Japan,” while stating that he had revised the BoJ-related wording of a solid policy plan in light of ruling party points. Following these remarks, the cross-yen rose and the dollar-yen gradually climbed to162.60yen level. In New Yorktime, as tensions in the Middle East remained high with continued exchanges of attacks between the U.S. and Iran, safe-haven dollar buying prevailed. U.S.10year yields also rose, fueling dollar buying, and dollar-yen broke through7/1highs162.84yen and the round163.00yen level, and upon breaking, with nearby stop-loss orders, briefly reached163.24yen and1986year12monthsince397months, the pair hit a multi-decade high.

【7/22Market View