The US CPI is broadly in line with expectations, and the USD/JPY is fluctuating roughly in the 146 to 147 yen range.

【8/14Market Overview

In Tokyo time, the USD/JPY rose to as high as147.19yen on the back of gains in the Nikkei 225. Subsequently, as the Nikkei stalled and NZDNZ and the USD/JPY declined, the USD/JPY fell to146.07yen. With reports that Prime Minister Kishida would not run in the Liberal Democratic Party leadership race, political uncertainty increased and weighed on the upside for the USD/JPY. In European hours, a rebound in the USD/JPY led to147.50yen.In New York time,7monthCPI (Consumer Price Index) rose 0.2%0.2% vs. prior month / YoY2.9%, core CPI rose 0.2%0.2% vs. prior month / YoY3.2%, broadly in line with market expectations. After the release, the USD/JPY fell to146.47yen, then quickly rose to147.58yen. Afterwards, it fell to146.58yen, but rose to147.44yen, resulting in volatile moves.