U.S. stocks plunge, risk-off yen buying, dollar/yen in the early 145 yen range amid weak U.S. economic data.

【9/3Market Overview

Tokyo time, the USD/JPY rose to147.21yen at the mid-session, then slipped to146.16yen due to a stall in the Nikkei and a decline in 10-year U.S. Treasury yields. In European trading, Bank of Japan Governor Ueda stated at the Economic and Fiscal Policy Consultative Council that if the price outlook is realized, policy rates would continue to be raised and the degree of monetary easing would be adjusted, triggering a yen buying rally. In New York time, after the long holiday, the U.S. stock market saw Dow Jones and Nasdaq Composite plunge, and amid risk-off sentiment, the USD/JPY fell toNYtime; withNYrates, the Dow and Nasdaq succumbed to the plunge, and as risk-off yen buying progressed,8month U.S.ISM manufacturing PMI came in at47.2versus consensus47.5, pushing the USD/JPY down to145.11yen.