Dollar/yen, US PMI flash data undershot expectations and pressured the yen, but held firm.

【4/23Market Overview

In Tokyo time, when Finance Minister Suzuki indicated in parliamentary testimony that “the environment may be considered ready for intervention,” the dollar/yen fell to154.66yen, but then rebounded on a dip-buying move to around154.80yen. During European hours, as Middle East tensions calmed, risk-on sentiment supported gains in European and American equity indices. With rising U.S. long-term yields, the dollar/yen rose to154.87yen, and1990year6month34years high was breached.NYtime, the preliminary U.S.PMI(Purchasing Managers' Index) slipped below expectations, causing U.S. long-term yields to fall, and the dollar/yen declined to154.56yen, but demand to buy on the lows remained strong,154yen in the upper 154s was bought back.