USD/JPY Dollar-Yen 2024: Dollar buying persists due to rising U.S. rates

■Signs of position change, events — May 29 (Wednesday)

・Tokyo morning: dollar strength. As European session approaches, dollar strength and yen weakness. From NY to London fix: dollar strength. NY close: full-dollar strength.

・Japanese government bonds rise in yields, with comments from BOJ officials, gradually affecting USD/JPY. In NY, euro buying shifts to dollar selling, then dollar buying. Beige Book ends with broad dollar strength.

・Weakest to strongest against the dollar: Pound, Euro, Yen, Australian (intraday basis).

－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－

■ Tokyo market spot volume (5/24)

3,481 (million dollars)

－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－

■ US/Japan interest rates

・ U.S. Treasuries rise in long-term yields (twist steepener)

US02yr 4.977 (-0.002)

US05yr 4.633 (+0.037)

US10yr 4.616 (+0.062)

・ Japanese Government Bonds rise in yields (bear steepening)

JP02yr 0.378 (+0.033)

JP05yr 0.640 (+0.058)

JP10yr 1.088 (+0.053)

－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－

■ Current position

5/17 – BUY @ 155.60

(LAST @ 157.68)

Support at 157.22, rise resumes confirmed at 157.41

－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－－

■ Position changes

5/15 – SELL @ 156.30

5/06 – BUY @ 153.40

5/01 – SELL @ 156.25

4/30 – BUY @ 156.77

4/29 – SELL @ 156.36

4/05 – BUY @ 151.63

4/04 – SELL @ 151.33

4/01 – BUY @ 151.39

3/27 – SELL @ 151.35

3/12 – BUY @ 146.90

3/05 – SELL @ 150.11

3/04 – BUY @ 150.43

2/29 – SELL @ 150.55

2/21 – BUY @ 150.16

2/20 – SELL @ 150.01

2/19 – BUY @ 150.10

2/15 – SELL @ 150.48

2/07 – BUY @ 148.03

2/06 – SELL @ 148.44

2/02 – BUY @ 146.70

1/31 – SELL @ 147.41

1/30 – BUY @ 147.60

1/29 – SELL @ 147.71

1/25 – BUY @ 147.65

1/24 – SELL @ 147.95

1/15 – BUY @ 145.11

1/12 – SELL @ 145.35

1/09 – BUY @ 144.45

1/08 – SELL @ 144.63

1/02 – BUY @ 141.50