Dollar/yen plunges during European hours on geopolitical risk, but in New York hours a reversal is leading.
【11/19Market Overview
In Tokyo time, the USD/JPY fell to153.96yen on remarks by Finance Minister Kato warning against a weaker yen, but then rose to around154.50yen. In European time, dollar buying against the euro led USD/JPY to rise temporarily to154.65yen. Afterward, with geopolitical risks surrounding Russia and Ukraine increasing, safe-haven buying of the Swiss franc and the yen led the USD/JPY to153.27yen. NYtime, Russian Foreign Minister Lavrov stated that “Russia’s nuclear doctrine is no different from the United States’,” and that “not starting a nuclear war is Russia’s position.” Reports also indicated that the U.S. government signaled it would not react to Russia’s nuclear doctrine revision, and the International Atomic Energy Agency (IAEA) announced that Iran agreed to halt production of uranium near weapons-grade and reached an accord on allowing inspections of Iran and nuclear facilities, which supported a rebound in USD/JPY to154.79yen.