The dollar/yen fell to the 156 yen level after weak U.S. employment data, and was bought back to the upper 157 yen range.

【8/7Market Overview

In Tokyo time, USD/JPY is7trading near the low 158 yen ahead of the158July U.S. employment data release. In European time, USD/JPY has158been relatively range-bound near the low 158 yen.NYtime,7month U.S. employment data showNFP(non-farm payrolls) ▼ versus the previous month by2.3million, versus expectations of8.0million increase, a substantial miss; if the numbers for the past2months are revised downward, USD/JPY could briefly fall to156.65yen. After selling pressure subsides, the market lifts with buybacks. With concerns over fiscal deterioration driven by the Abe administration’s proactive fiscal policy, there is no shift toward yen weakness, and a dip is bought, lifting to157.98yen.

【8/10Market View