As USD/JPY remains range-bound around ¥158, interest in AI semiconductor stocks is growing, while dollar strength prevails across the foreign exchange market. Attention is focused on how far the Nikkei 225 can extend its rebound.
In the 6 November review of the foreign exchange market, the US October employment report exceeded expectations, with nonfarm payrolls up 165,000, the unemployment rate at 4.1% and average hourly earnings up 3.1% year on year. Major stock indexes subsequently remained firm, with the S&P 500 up 23 points and the Nasdaq Composite up 264 points.
Speculative IMM positions in the market show growing yen buying and euro selling, while attention is concentrated on AI semiconductor-related stocks. Dollar buying is prevailing in the foreign exchange market, and the market is watching future strategies.
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Looking ahead, the sustainability of dollar strength and the performance of AI-related stocks could be focal points for the Japanese and US markets.