Following Powell's remarks as Fed Chair, U.S. stocks fell, and the dollar/yen dropped to the 141 yen level temporarily.

【4/16Market Overview】

In Tokyo time, reports that President Trump signed an administrative measure to begin an investigation into critical minerals led to a risk-off bid in the yen.NYWith the Dow Jones futures and the Nikkei stock average easing, the USD/JPY fell to142.11yen. In European time, the USD/JPY continued to drift lower on risk-off sentiment, briefly hitting142.04yen. After selling pressure abated, buying resumed. Reports that “China is prepared to engage in negotiations if the Trump administration shows respect and designates negotiators” eased concerns about a deepening U.S.-China trade war, and the USD/JPY rose to142.92yen.NYtime, as the USD/JPY traded within a range ahead of the U.S.-Japan tariff talks scheduled for4/17, with no clear direction for a while. However, when PowellFRBchairman stated in a speech that the economy would be more affected by tariff measures than expected, and reiterated caution about early rate cuts that would support the economy, U.S. stocks plunged, and risk-off yen buying pushed the USD/JPY down to141.64yen.

【4/17Market View】