USD/JPY Dollar-Yen 2024: The gap in monetary policy stance between Japan and the United States accelerates yen buying

■Signs of position changes, events—Friday, August 2

・ Tokyo morning: yen weak, dollar strong. As European time approaches, dollar weakens. From European time to the London fix, yen strengthens broadly while dollar weakens. From European time to the New York close, yen strengthens broadly while dollar weakens.

・ Throughout the day, dollar weakness accelerates. After the U.S. Employment Statistics, dollar weakens across the board.

・ In order of strongest against the dollar: yen, euro, pound, Australian dollar (based on intra-day).

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■ Tokyo market spot trading volume (8/1)

7,240 (million dollars)

10-day moving average　5,864

Most in the last 10 days　8,926 (7/31)

Least in the last 10 days　4,525 (7/22)

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■ Japan-U.S. bond markets

・ U.S. Treasuries show falling yields (bull steepening)

US02yr 3.878 (-0.272)

US05yr 3.618 (-0.219)

US10yr 3.794 (-0.184)

・ Japanese government bonds show falling yields (bull steepening)

JP02yr 0.402 (-0.059)

JP05yr 0.575 (-0.071)

JP10yr 0.934 (-0.099)

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■ Current positions

7/22 – SELL at 157.30

(LAST at 146.58)

Downside resumption trigger 147.70, return resistance 148.50

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■ Position changes in 2024

7/22 – SELL at 157.30

7/18 – BUY at 157.37

7/17 – SELL at 158.35

7/16 – BUY at 158.60

7/11 – SELL at 161.46

7/09 – BUY at 160.80

7/05 – SELL at 161.20

6/13 – BUY at 156.75

6/12 – SELL at 156.50

6/07 – BUY at 156.10

6/06 – SELL at 155.70

6/05 – BUY at 155.80

6/03 – SELL at 156.80

5/31 – BUY at 157.25

5/30 – SELL at 157.00

5/17 – BUY at 155.60

5/15 – SELL at 156.30

5/06 – BUY at 153.40

5/01 – SELL at 156.25

4/30 – BUY at 156.77

4/29 – SELL at 156.36

4/05 – BUY at 151.63

4/04 – SELL at 151.33

4/01 – BUY at 151.39

3/27 – SELL at 151.35

3/12 – BUY at 146.90

3/05 – SELL at 150.11

3/04 – BUY at 150.43

2/29 – SELL at 150.55

2/21 – BUY at 150.16

2/20 – SELL at 150.01

2/19 – BUY at 150.10

2/15 – SELL at 150.48

2/07 – BUY at 148.03

2/06 – SELL at 148.44

2/02 – BUY at 146.70

1/31 – SELL at 147.41

1/30 – BUY at 147.60

1/29 – SELL at 147.71

1/25 – BUY at 147.65

1/24 – SELL at 147.95

1/15 – BUY at 145.11

1/12 – SELL at 145.35

1/09 – BUY at 144.45

1/08 – SELL at 144.63

1/02 – BUY at 141.50