Dollar/yen rose to as high as 148.19 yen ahead of the release of US CPI, but then stalled.
【9/11Market Overview
During Tokyo time, the USD/JPY retraced in a narrow range around147.40yen.15before 15:00, headlines stated that Kaori Takai (Takaichi Kaichi) conveyed her intention to run for the Liberal Democratic Party presidency to former Prime Minister Kishida, sending USD/JPY higher to147.79yen. In European time, with Takai, who is against the BoJ rate hike, entering the race for the presidency, USD/JPY rose to147.83yen.In NYtime,8months USCPI(Consumer Price Index) results largely matched market expectations (vs prior month expected0.3% vs0.4% YoY vs expected2.9%2.9% YoY; core index vs prior month expected0.3% vs0.3% YoY vs expected3.1%3.1%); upon release, USD/JPY briefly rose on the bid to148.19yen,but subsequently fell to146.98yen due to worse than expected initial jobless claims and a decline in US 10-year yields.yen.
【9/12Market View