Following hawkish remarks from Powell, the dollar/yen hit a high of 154.78 yen.

【4/16Market Overview

Tokyo time, USD/JPY is moving in the low 154 yen area while watching Middle East tensions,154and during European hours, as expectations grow that rate cuts in the U.S. will start later than anticipated, broad-based dollar strength pushes it to154.61yen. In New York time, when JeffersonFedVice Chairman said that “if inflationary pressures continue to be persistent, maintaining higher interest rates for a longer period is warranted,” the USD/JPY rises to154.76yen. Afterward, selling tied to options trading pushes USD/JPY down to153.88yen, but a rapid rebound followed. Later, when PowellFedChairman said that inflation “recent data show there has not been further progress” and that “it may take more time to gain confidence,” the hawkish tone was perceived and USD/JPY rises to154.78yen.