The USD/JPY briefly fell to around 156.07 yen, but afterward it moved in a narrow range centered around 157 yen.

【10/23Market overview

In Tokyo time, as the Nikkei average fell, risk-averse buying of the yen led to a drop to156.07yen briefly. After confirming the decline in Japanese stocks had halted, it was bought back to157.12yen. In European time, the USD/JPY rose to157.16yen after the increase in U.S. government bond yields in after-hours trading, then moved in a narrow range around157yen.In NYtime, as European stock markets and U.S.-Japan stock index futures fell, yen bought and dollar sold led the USD/JPY to156.31yen. Afterwards, due to the rise in U.S. 10-year yields and10month U.S. University of Michigan consumer sentiment index preliminary data beating market expectations, the USD/JPY was bought back to157.08yen.

【10/26Market view