Dollar/yen fell to the low- to mid-140s, but rose to the high-147s after U.S. PPI came in stronger than expected.

【8/14Market Overview

During Tokyo time, USDJPY rose from expectations of U.S. rate cuts after comments from former U.S. Treasury Secretary Bessement, and expectations of BoJ rate hikes, leading to yen buying and dollar selling. As the Nikkei average persisted in soft trading, USDJPY fell below the 146.62 low on 8/5 to 146.21. In European hours, USDJPY traded in the mid-146 yen range.8/5Low146.21yentodrop. In New York time, the146yen level remained around mid- to high-146s (yen) before turning higher.NYtime,7month U.S.PPIwas up 0.9％(vs. expectations0.2％) and year-on-year3.3％（vs. expectations2.5％）、the core index excluding food and energy rose 0.9％(vs. expectations0.2％) and year-on-year3.7％（2.9％）, significantly beating expectations.The Fed's expectation for substantial rate cuts receded, and dollar buying led, pushing USDJPY above Tokyo time highstoward147.42yento147.96

【8/15Market Outlook