Dollar/yen fell to the low 139s after a drop in dollar confidence, but recovered as U.S.-China tensions eased.

【4/22Market Overview

In Tokyo time, as dollar confidence wanes,WSJreported that “President Trump is laying the groundwork to push the blame for a recession onto Fed Chair Powell,”FRBand concerns over the Fed’s independence accelerated dollar selling. The USD/JPY fell to its lowest since 9/16 last year,139.88yen. In European hours, the USD/JPY rebounded to around the mid-140s.NYtime, reports that Treasury Secretary Besson? (Bennett) said, “I am confident that tensions between the U.S. and China will ease in the near future,” and White House spokesperson Livid? (Leavitt) stated, “Relations with China are moving in a good direction,” and “Trump is preparing for a deal with China.” With easing U.S.–China tensions, the excessive risk aversion eased, and USD/JPY rose,141.67yen.

【4/23Market View