While the Bank of Japan meeting was seen as indicating an adjustment to its easing mode, the yen's reaction was limited. Ahead of the major event of the US midterm elections and the Middle East situation, markets are becoming increasingly cautious.
Reports on the Bank of Japan meeting said Governor Ueda's remarks contained little that was particularly new, while the 2.0% inflation target was reportedly stated explicitly. Although ending the easing measures would be significant, questions remain over whether the BOJ can easily move away from its easing mode.
In the foreign-exchange market, the yen strengthened at times after the governor's remarks, but dollar-yen and euro-yen moved little, with no clear break from their previous ranges.
The US midterm elections are this week's most closely watched event, and reporting on the results is expected to increase from early Wednesday. In addition, crude oil prices are trending higher against the backdrop of worsening conditions in the Middle East.
Concerns about the financing of AI-related companies are also spreading, and US stocks are increasingly trending lower, particularly technology shares.