Dollar-yen retreats for the first time in three days. The Japan-U.S.-South Korea finance ministers meeting reacts to yen appreciation and dollar depreciation.

【4/17Market Overview

In Tokyo time, USD/JPY rose toward the value date at154.73yen, but after that there was no fresh material,154.60narrow range around 154.60 yen. In European session, the dollar was sold against the euro- any gains in the cross yen offset the dollar’s moves, leaving USD/JPY in a narrow range around the 154.60 yen level.NYtime, Japan, the United States, and Korea held the first-ever finance ministers meeting, issuing a joint statement that they recognize concerns about the recent rapid yen and won declines and will continue to closely communicate about foreign exchange market developments. The market reacted with yen buying and dollar selling. With U.S. long-term yields also falling, USD/JPY dropped to154.15yen.