FX/Foreign Exchange: “USD/JPY Outlook Today | Could Recover to the 160s on Geopolitical Dollar Buying, but Uncertainty over US Employment Conditions” — 外為どっとコム Today, 2 September 2026 Edition

The story

In foreign exchange trading on Tuesday, 1 September, USD/JPY rose to around 160, prompting views that higher crude oil prices could lead to further highs. Meanwhile, indicators related to US employment conditions were generally soft, and the ADP National Employment Report is attracting attention.

The US Treasury released summaries of talks held around the G20 meeting and highlighted the importance of policies addressing the significant undervaluation of the yen. This was followed at times by stronger dollar buying driven by geopolitical risk.

At a glance

StatusUSD/JPY recovered to the 160s, reportedly against a backdrop of higher crude oil prices.

IndicatorThe US ISM Manufacturing Index came in at 54.6 in August, below market expectations.

IndicatorUS JOLTS job openings totaled 7.271 million in July, below market expectations, although the June figure was revised upward.

EventThe 10:30 release of the US ADP National Employment Report is drawing attention.

FactorsThe view is that the trend toward a stronger dollar and weaker yen will continue as geopolitical risk drives dollar buying.

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