Dollar/yen rose to as high as 158.76 yen following Middle East developments.

【11/3Market Overview

Tokyo time, the dollar/yen remained range-bound as Japan observed a holiday ahead of the U.S. midterm elections157yen to the upper- hundred-yens level. In European trading, the yen generally weakened and the dollar/yen rose with the cross-yen pairs to158.30yen.In U.S. trading, NYtime, following reports that “the United States and Iran showed steps toward concessions over their nuclear program and frozen assets,” crude oil futures prices plunged and the dollar/yen dropped to157.97yen. After Iran denied the reports, and9MJOLTS (Job Openings and Labor Turnover Survey) and the solid orders for U.S. manufacturing in the same month led to10year Treasury yields rising, and the dollar/yen climbed to158.76yen.

【11/4Market Outlook