Dollar/yen rose to 147.90 on dovish remarks from Bank of Japan Deputy Governor Uchida.

【8/7Market Overview

In Tokyo time, when Deputy Governor Uchida of the Bank of Japan indicated that “it is not appropriate to raise rates in an unstable financial market,” the USD/JPY rose from the low 144s to briefly as high as 147.90.144yen level, 147.90yen,146near the high 146s before stalling. In European session, USD/JPY fell to the low 146s, but subsequently recovered to around 146yen,147yen and held firm.NYtime, USD/JPY saw gains on the back of rising U.S. 10-year Treasury yields, but gave back those gains on a drop in U.S. stocks, moving in narrow ranges around147yen.