Dollar/Yen drifts with no clear direction ahead of the BOJ Policy Meeting and the FOMC.
【7/29Market Overview
In Tokyo time, the USD/JPY rose on the back of the Nikkei 225 gain154.35to around 154.35 yen, but as the on-the-spot fixing approached, Japanese exporters began selling dollars153.01down to around 153.01 yen. In European hours, euro-dollar selling driven by declines in European long-term yields led to dollar buying, so USD/JPY saw buying back lead.NYtime, with the US10year note yield narrowing its decline, USD/JPY rose to154.20yen. Overall, ahead of the7/30-31Bank of Japan policy meetingFOMC, market participants held a wait-and-see stance.
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