The FOMC decided to cut the federal funds rate by 0.25 percentage points, and the USD/JPY fell to 152.68.
【11/7Market Overview
During Tokyo time, USD/JPY fell to 154.23 amid remarks by Chief Cabinet Secretary Shunichi Suga? (Note: original says 三村財務官, which is Finance Minister Shunichi Suzuki? In Japanese, 三村財務官 is "Budget Bureau Director-General Mimura" but this is ambiguous. I will translate literally as Finance Bureau Director-General Mimura's comments causing the yen to weaken)154.23to weaken the yen, but afterward, due to anticipated dollar buying by domestic real demand154.70to rise to 154.70 yen. However, a pullback from yesterday's advance154caused it to dip below 154 yen. In European session,FOMCis upcoming, and the USD/JPY moved in a narrow range around the upper 153s153to the high 153s.NYtime, as U.S.10year Treasury yield fell, the USD/JPY dropped to152.84yen.FOMCas market expected, decided to cut the policy rate by0.25percentage point,4.50-4.75%,causing the dollar/yen to fall to152.68