Following the FOMC, the dollar/yen moved erratically and briefly fell to as low as 146.00 yen.

【1/31Market Overview

In Tokyo time, USD/JPY during the Bank of Japan Monetary Policy Meeting minutes showed that discussions toward monetary policy normalization would intensify going forward, and at one point fell to by about 147.19 yen, but was bought back to the low 147 yen range and stayed firm. In European hours, USD/JPY held around the 147 yen level ahead of the FOMC. Month22–23Date minutes) and the market anticipated that discussions toward normalization would intensify further, with the pair briefly slipping to147.19yen before rebounding. However, it recovered to the upper 147 yen range and remained firm. In European time, USD/JPY, ahead of the FOMC, remained rangebound around the147yen level.NYTime,1月ADPNational Employment Report,10-12month米雇用コスト指数1（U.S. Employment Cost Index）月米シカゴ購買部協会景気指数が揃って予想を下回ると、ドル円は146.06円まで下落。FOMCでは、市場予想通りFFレートの誘導目標を5.25－5.50％に据え置きを決定。Statementでは、前回まで、追加の引き締め策を決定する際の条件を入れていたが、今回はその表現を外し「追加利上げの可能性が極めて低くなった」と入れ替えた。しかし、「インフレが持続的に2％に向かっているとの確信が深まるまで、利下げは適切ではない」との見解を示し、早期利下げ観測を牽制する表現を新たに盛り込んだ。パウエルFRB議長の会見では、「適切であれば金利を長期間維持する用意がある」「3月利下げの可能性が高いとは考えていない」などと発言。USD/JPY briefly touched146.00yen and made a new intraday low, but as the prospect of early rate cuts faded, it rebounded to the mid-147 yen range.