At 15:35 today, the focus will be on whether Governor Ueda (植田 和男)'s speech will affect the yen through references to monetary policy. Reports from the previous day concerning the GPIF, as well as movements in inflation indicators, will also be watched as factors that could drive yen depreciation or appreciation.
In the New York market on the 5th, USD/JPY rose to ¥158.30 but struggled to extend its gains as movements in US 10-year Treasury yields weighed on the pair. EUR/USD rebounded after briefly hitting a low.
In today's Tokyo market, attention will focus on Governor Ueda (植田 和男)'s speech at the National Securities Convention and how references to monetary policy may affect the yen, while investors assess movements in long-term Japanese and US interest rates.
The previous day, Prime Minister Takaichi (高市 早苗)'s policy speech included measures to restrain yen depreciation, while reports that the GPIF had not discussed its strategic asset allocation review could become a factor driving further yen depreciation.
The focus in the speech will be on whether Governor Ueda (植田 和男) refers to an additional rate hike and whether he elaborates on inflation trends and the pace of future rate hikes. Depending on Governor Ueda (植田 和男)'s remarks, factors driving yen buying and dollar buying could shift.