Dollar/yen sharply fell to 147.57 yen on anticipated early adjustments to the Bank of Japan's monetary policy, prompting yen buying.

【3/7Market Overview

In Tokyo time, dollar/yen fell first on expectations of an early removal of negative rates by the Bank of Japan. With the Nikkei stock average dropping and Japan’s long-term interest rates rising, the dollar/yen fell to as low as148.38yen. In European time, amid some reports on the BOJ monetary policy meeting and remarks by BOJ Board member Junko Nakagawa, expectations for an earlier policy adjustment by the BOJ rose, and the wave of dollar selling continued.NYtime, the trend to buy yen and sell dollars persisted, and the dollar/yen briefly touched147.57yen, the lowest since2/2. Also, after the ECB decided to hold policy rates, Lagarde's press conference turned hawkish, which supported dollar selling against the euro.