The dollar/yen rebounded to the 157 yen level after strong U.S. economic indicators such as the Philadelphia index.

【7/18Market Overview

Tokyo time, USD/JPY fell to155.36yen intraday following the prior session’s trend. Thereafter, due to the rise in US10year Treasury yields in after-hours trading, the pair was bought back to156.57yen. In European trading, USD/JPY hovered in the lower- to mid-156yen area. In New York time,7the Philadelphia Fed index (PHIL index of manufacturing) came in at13.9 vs. forecast2.9, a notable beat, helping lift the dollar on the back of rising US10year Treasury yields. Following this, the6leading indicators for the US economy for June showed a month-over-month reading of forecast -0.3%, versus -0.2%, indicating stronger than expected data, which pushed USD/JPY to157.39yen.