The August US CPI was broadly in line with market expectations, causing USD/JPY to rebound, but it subsequently stalled.

【9/11Market Overview

In Tokyo time, the USD/JPY rose to around154.61yen, but pressured by the rise in domestic long-term interest rates154.20yen to retreat. In European hours, USD/JPY hovered around154yen. In New York time,8month CPICPI(consumer price index) was roughly in line with market expectations, but the core index excluding food rose 0.3%0.3％ versus expectations of0.2％. Immediately after the release, the 10-year U.S. Treasury yield rose and the USD/JPY climbed to10159.47円yen to 154.47; after the yield fell, the USD/JPY weakened to154円 to 153.23; subsequently, it stayed around the upper 150s with little movement.

【9/14Market View