Dollar/Yen fell to 146.27 yen on expectations of rate cuts at the FOMC.
【9/16Market Overview
Tokyo time, the dollar/yen rose to around 147.54 yen on expectations of domestic demand buying after the long holiday,147.54but with the hiring of Mr. Milkan (Milán) as Chair of the Federal Reserve’s (FRB) Board of Governors, considered a dovish move by the President’s Economic Advisory Panel (CEA),CEA, and Mr. Koizumi of the Liberal Democratic Party announcing his candidacy for the party presidency, the pair fell to around146.69yen. In European time, the dollar/yen traded in a nervous range around147yen.In New Yorktime,8month U.S. retail sales and8month U.S. industrial production exceeded expectations, pushing the dollar/yen up to147.25yen, butFOMC cuts expectations led to broad dollar weakness, sending the dollar/yen down to146.27yen.
【9/17Market View