Under the shadow of US-China trade frictions, the USD/JPY is pushed down toward the mid-143 yen range.

【5/30Market Overview

During Tokyo time, the dollar/yen moved with yen buying and dollar selling ahead of the opaque U.S. tariff policy.5In the Tokyo ward of the city of Tokyo for MayCPI(excluding fresh food) surpassed market expectations, leading to a softening in the Nikkei Index, and toward the end of the month,5・10day (Go-to day) on the midpoint of USD/JPY at banks’ excess (selling dollars by financial institutions) sending it down to143.44yen. In European hours, USD/JPY hovered around144.00yen, but when President Trump stated that “China violated the agreement with the U.S.,” concerns about U.S.-China trade frictions came to mind, pushing it down to143.47yen. In New York time, dollar buying resumed, pushing it up toyen. After that, persistent uncertainty regarding the U.S. tariff policy and lack of continuation in the rise of U.S. 10-year yields led to a range around the143-yen144half to aroundyen.

【6/2Market View