Dollar/Yen fluctuates wildly on the issue of Cook FRB board member dismissal.

【8/26Market Outlook】

In Tokyo time, USD/JPY rose in the morning to147.88yen. Thereafter, when President Trump posted on hisSNSthat he had dismissedFRBgovernor Cook, concerns over the independence of the Fed arose, and the dollar/yen fell to146.98yen. However, when the Washington Post reported that “Governor Cook has no valid reason for dismissal and will not resign,” the dollar/yen rebounded to147.91yen. In European trading, dollar/yen remained pressured as concerns over the Fed’s independence persisted.NYtime, dollar/yen fell due to the decline in the U.S. 10-year Treasury yield to147.10yen. Thereafter, it was bought back to around the mid-147 yen range.

【8/27Market View】