Following remarks by the Secretary-General of the Mōgi Liberal Democratic Party, the dollar/yen pair continued to fall.

【7/23Market Overview

In Tokyo time, the dollar/yen pair rose to157.10yen, but as the settlement window approached and with expectations of domestic real demand selling the dollar and the Nikkei average softening, it fell to156.20yen. In European hours,7/17Following the remarks by Taro Kono, Digital Minister, and on 7/22, Liberal Democratic Party Secretary-General Toshimitsu Motegi stated in a speech that “the Bank of Japan should more clearly outline a plan to normalize monetary policy, including consideration of a gradual rate hike,” signaling expectations for policy normalization and prompting yen buying and dollar selling, with the dollar/yen briefly dipping below7/22149yen level? (Note: original shows 156) yen”15610155.54