After the start of the Fed rate cut and the observed delay vs. BOJ yen-buying intervention expectations, the USD/JPY remained stuck in the upper-150s.

【4/8Market Overview

During Tokyo time, the USD/JPY rose to151.82yen amid a sharp rise in the Nikkei stock average, but there was no follow-through buying due to expectations of currency purchases by the government and the Bank of Japan. In European trading, USD/JPY hovered in the upper 151s.151range.In NYtime, amid expectations that the timing of cutting interest rates in the U.S. could be delayed, U.S.10year Treasury yields rose, pushing USD/JPY to151.94yen. Afterwards, as U.S.10year Treasury yields declined, and with vigilance over the government's and BOJ’s possible yen-buying intervention, it fell back toward around151.72yen.