The dollar/yen rose toward 164 yen on a safe-haven dollar-buy driven by the intensification of tensions in the Middle East.

【7/23Market Overview

In Tokyo time, USD/JPY briefly dipped below163yen, but overall hovered around163.10yen. During European time, as crude oil futures after-hours rose, the US10year bond yields rose in tandem, and USD/JPY rose above the high of7/21at163.24yen to163.44yen. In New York time, with rising tensions between the US and Iran, expectations that the Straits of Hormuz would remain closed grew. Furthermore, reports that Yemen's pro-Iranian Houthi movement attacked a Saudi oil tanker in the Red Sea caused crude oil futures to spike, and USD/JPY strengthened on safe-haven demand, briefly reachingNYtime,2oil tanker attacks, pushing USD/JPY to a high of163.98yen and1986year11month以来年8months, the highest in 39 years and 8 months.

【7/24Market Outlook