The U.S. employment statistics exceeded expectations, but the initial reaction was dollar-selling.

【12/6Market Overview

Tokyo time, USD/JPY traded in a range around150yen. In European hours, USD/JPY rose due to the increase in the U.S.10year bond yields, reaching150.69yen.In New Yorktime,11month U.S. employment data,NFP20.0million by22.7million, and average hourly earnings also came in stronger than expected, generally indicating solid data. However, after the release, the dollar sold off. In the “Fed Watch,”12month probability of a cut rose to as high as91%, leading the market to think that the data did not justify a rate cut, and USD/JPY fell to149.35yen. Afterwards, when Boj Governor BowmanFRBsaid that “inflation risks remain significant,” the selling eased.12month University of Michigan consumer sentiment index (preliminary) exceeded expectations, and USD/JPY rose to150.11yen.