USD/JPY briefly fell to as low as 157.66 yen on expectations of easing tensions in the Middle East.

【11/9Market Overview

During Tokyo time, the dollar/yen initially hit158.55yen high, but thereafter remained range-bound around the 158 yen level. In European hours, as some reports suggested Iran would concede over its route through the Strait of Hormuz, crude oil futures declined, and the dollar/yen fell to158yen. After that, it was bought back to157.85yen. Later,158.18yen was reached for a recovery.NY time, with growing expectations that talks between the U.S. and Iran to end the conflict would progress, causing crude oil to fall and the dollar to weaken. The dollar/yen briefly dropped to157.66yen. Thereafter, aided by gains in cross yen pairs, the dollar/yen showed resistance to further declines.

【11/10Market View