The atmosphere behind the decline in U.S. interest rates has shifted slightly

The exchange rate market (especially the USD/JPY pair) depends on U.S. mid- to long-term interest rates.

U.S. mid- to long-term rates move depending on how far the FF rate will be raised.

How much rates will be raised depends on when inflation can be brought under control. The more the economy slows, the higher the likelihood of inflation being controlled, so economic trends are attracting attention.

Lately, with economic data showing a slowdown in the U.S. economy, the ceiling for the FF rate increases seemed to be lower than expected (it was thought to be 3.5%, perhaps not 3%), leading to a decline in U.S. and global long-term rates and a dollar weakness.

Today, the sentiment has changed a little.