03/02/2025 21:17

Release： 03/02/2025 21:17

Update： 03/02/2025 21:17

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During weekend and month-end position adjustments, yen selling has pushed the USD/JPY to the upper-150s.

【2/28Market Overview

During Tokyo time, the USD/JPY rose to2the 2nd month, Tokyo metropolitan areaCPIcame in below market expectations150.15yen; however, after Deputy Governor Uchida said that “underlying inflation is gradually moving toward 2%,” the pair reversed and fell. Later, amid risk-off yen buying driven by a sharp decline in the Nikkei, and on the drop in US Treasuries in after-hours trading, it fell to149.10yen. After selling finishes, it rose back toward the 150.00 level. In European trading hours, as positions were adjusted ahead of the weekend and month-end, yen selling led the USD/JPY higher to150.99yen. Additionally,1month U.S.PCEdeflator (core, excluding volatile food and energy) rose at a month-on-month0.3％/year-on-year2.6％, as expected by the market.