Dollar/Yen edges lower with muted activity around 147, following weak US economic data.

【8/29Market Overview

In Tokyo time, the USD/JPY moved with early remarks from a Federal ReserveFedboard member who said thatthe FRBdoes not think it is necessary for the next rate cut to exceed0.25%. There is buying tied to month-end dollar demand, but selling also occurred due to declines in the Nikkei average,146yen zone to147yen early and late small moves. In European time, USD/JPY147yen saw little movement around that level.NYtime,7月米PCEdeflator came in as markets expected, and the reaction in USD/JPY was muted. Afterwards, with the rise in US10year Treasury yields, USD/JPY climbed to147.41yen. Also,8月米 Chicago Purchasing Managers’ Index and8月米 University of Michigan consumer sentiment index (final) came in below expectations, and the same time the1year ahead and5－10year-ahead expected inflation also was revised lower from the preliminary figures. USD/JPY drifted around the 147 level in response to the weak US data.147yen around small moves.

【9/1Market View