12/02/2024 21:05

Release： 12/02/2024 21:05

Update： 12/02/2024 21:05

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The euro/yen declined due to political instability in France and expectations of an early rate hike by the Bank of Japan, while the dollar/yen fell to 149.07 yen.

【12/2Market Overview

In Tokyo time, the USD/JPY rose on the back of higher U.S. 10-year yields in after-hours trading and a drop in EUR/USD, along with gains in the Nikkei 225, reaching150.75yen. In European trading, concerns about the French political situation and expectations of an earlier BOJ rate hike pushed the euro/yen lower, contributing to a broad yen appreciation and a softening USD/JPY around the150yen level.In New York time,11month U.S. Manufacturing PMI (PMI) revisions and11month U.S.ISM Manufacturing Index beat expectations, causing U.S.10year yields to rise, but USD/JPY did not react; amid expectations of an early BOJ rate hike and a decline in cross-yen pairs, it fell to149.07yen. Afterward, there was some buying back, but the rebound was limited.