The Bank of Japan Governor UEDA's press conference was broadly seen as hawkish, and the dollar/yen briefly touched the 151 level.

【10/31Market Overview

Tokyo time, the Bank of Japan announced at its monetary policy meeting that the policy interest rate0.25% is kept unchanged. In the Outlook for Economic Activity and Prices (BOJ Outlook Report), it said that “we will continue to raise the policy interest rate and adjust the degree of monetary easing,” indicating a continued path of rate hikes, which pushed the USD/JPY rate down to152.75yen. In European trading, BOJ Governor Ueda, at a regular press conference, said that he would no longer use the phrase “there is room for time” when making policy judgments, and emphasized that he would make decisions without preconceptions based on economic and price developments. Overall, this hawkish stance led to selling of the dollar, with the USD/JPY slipping to as low as151.92yen.In New Yorktime, US10year treasury yield rose to around4.33%, prompting buying of the dollar/yen pair to reach153.04yen, butNYDow Jones average fell on weakness and the decline in US10year Treasury yields, pulling USD/JPY back to151.82yen.