Dollar/yen, ahead of the Jackson Hole meeting, moves without a clear direction.

【8/19Market Overview

Tokyo time, there are expectations that the talks among the leaders of the United States, Russia, and Ukraine will be held, boosting risk-on mood and the cross yen. Also, when it was reported that the U.S. rating agencyS & P kept the U.S. sovereign rating unchanged, the dollar/yen rose to as high as148.11 yen. However, later, domestic10-year government bond yields rose, weighing on the pair, and the dollar/yen fell to147.53 yen. In European trading, the dollar/yen rose on the strength of cross yen moves in European currencies.NY time, the7th U.S. housing starts surprised to the upside, lifting the dollar/yen to147.90 yen. Thereafter, as U.S.10-year yields declined, the dollar/yen retreated to147.44 yen.

【8/20Market Outlook