10/02/2024 21:30

Release： 10/02/2024 21:30

Update： 10/02/2024 21:30

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Dollar/yen surges to the 146 range on Ishiba's dovish remarks as ADP forecast beats expectations.

【10/2Market Overview

During Tokyo time, the dollar/yen rose to144.19yen on expectations of strong domestic dollar demand, but then weakened to143.50yen as concerns over Middle East tensions grew. In European trading, Prime Minister Ishiba, after meeting with Bank of Japan Governor Ueda, said, “Personally, I do not think we are currently in a environment where further rate hikes are warranted,” and “I expect the economy to continue to develop sustainably while maintaining an accommodative stance going forward,” signaling a dovish stance. Expectations for additional BOJ rate hikes waned, and yen selling led, with USD/JPY breaking above144yen and rising toward145yen. In NYC time, in the ADP employment report for September, nonfarm payrolls rose to12.0million versus14.3million, higher than expectations, pushing up US Treasury yields and lifting USD/JPY to146.51yen.