Uncertainty surrounding U.S.-China trade negotiations leads to risk-off moves with yen buying and dollar selling ahead.

【4/24Market Overview

In Tokyo time, USD/JPY weakened on the fixings as domestic real demand reportedly sold dollars,142.60yen to the level of 142.60 and below. Afterwards, it stayed range-bound around the latter half of the 142 yen level. When the Chinese government stated that “no negotiations on the economy or trade are taking place between China and the United States,” amid uncertainty over U.S.-China trade talks, European stocks fell on risk-off sentiments, leading to yen buying and dollar selling.NYTime,3month U.S. existing-home sales annualized at402ten thousand units, below the consensus of413ten thousand units, pushing USD/JPY down to142.27yen. Thereafter, supported by firm U.S. equities, USD/JPY rose to142.83yen.

【4/25Market View