Dollar/yen was bought back up to the 157 range, but the upside is heavy.

【8/4Market Overview

During Tokyo time, the dollar/yen rose on a getting-back-to-buying trend157.74yen toyento8/4news conference after the Cabinet meeting,7/31about the U.S.-Japan coordinated intervention, stating “as before, I cannot especially comment on the effectiveness of intervention.” In European time, the dollar/yen rose to as high as157.95yen, but comments from U.S. Treasury Secretary Yellen suggesting that “additional measures are needed to sustain the effect of intervention” and that “the necessary steps will be taken by Bank of Japan Governor Ueda” signaled a potential further rate hike, causing the upside to weigh gradually. Then, when U.S. Treasury Secretary Yellen said that “there is a possibility that an agreement to open the Hormuz Strait and move toward a more normal stance in this conflict could be reached today or tomorrow,” concerns over the Middle East eased.WTI crude oil futures fell sharply, and the yield on the US10year Treasury declined.NYtime, the dollar/yen weakened as dollar selling dominated, briefly157.21yen, after which dollar buying emerged with gains in U.S. stocks and the Nikkei futures, and the dollar/yen was

【8/5Market View