The dollar/yen rose to 155.35 yen after expectations for earlier U.S. rate cuts faded, then stalled as U.S. 10-year Treasury yields fell.

【11/18Market Overview

In Tokyo time, the USD/JPY, following last Friday's trend, fell to153.82yen, after Governor Ueda of the Bank of Japan spoke that “if the economy and prices outlook materializes, we will continue to raise the policy interest rate,” and that “the timing of rate hikes depends on future economic, price, and financial conditions,” which was interpreted as less hawkish than the market had priced in,155.13yen rose. In European hours, USD/JPY faces declines on the back of the US Treasury yields for 10-year falling to around 154.30,10yen, but then moved in a narrow range around the mid-150s,154yen area. In NY time, concerns about inflation reigniting due to policies under the next president Trump,FRBor expectations of early rate cuts have receded, pushing USD/JPY up to155.35yen. After that, with the decline in US 10-year Treasury yields continuing, the pair drifted toward the mid-150s/early-150s region.