Dollar/yen continues its uptrend even as ADP forecasts miss expectations.

【1/8Market Overview

In Tokyo time, the USD/JPY rose to158.24yen early in the session, but due to expectations of yen-buying intervention and the yield on Japan’s new 10-year government bonds rising to around13years and a half, it fell to around13130 years? Wait, this seems off; the original indicates "approximately" 13-year and a half, which is unusual. Interpreting as: the 10-year JGB yield rose to aboutyears and a half high, prompting a drop to157.90yen. After that, the pair traded in a narrow range around the low- to mid-158s.158yen area in the early part of the session. In European hours, as U.S.10year Treasury yields rose, yen selling and dollar buying led the USD/JPY higher, briefly reaching158.55yen, hitting the high since last year’s7/17—a new high.NYtime, Fed Governor LaelBarrer? The label indicates "Waller"—the FRB official—stated that “if the outlook remains as expected, further rate cuts would be appropriate,” and additionally the12monthADPemployment data came in below expectations, which pushed the USD/JPY down to about158.18yen. However, given that last week’s U.S. initial jobless claims beat forecasts, the downside was limited.