Chart to watch on 9/23

Today, the 23rd, is a holiday, but futures are moving, so it will be a bit longer.

So, today's rise may be attributed directly to the weakening yen, as there is no particular news from Japan.
The drop in the spread between 10-year Japanese and US bond yields from the high in July to the low on 9/10 is -19.43%. Meanwhile, the high and low of the USD/JPY exchange rate is -13.90%.
In terms of ratio, it is 1.40 times.

Next, in the rebound from the bottom, the spread between 10-year Japanese and US bond yields is +5.42%, and the USD/JPY exchange rate is +3.06%.
In terms of ratio, it is 1.77 times.

In other words, the yen has not depreciated as much when the interest rate differential narrows as it does when it expands.
However, considering the unwinding of the yen carry trade, it is surprising that the yen has depreciated. And with the retreat of concerns over a weak dollar and Japanese rate hikes (concerns about October), the interest rate differential is expanding.

Since the FOMC meeting, there has been an increased correlation between USD/JPY and Nikkei futures, resulting in a depreciation of the yen and a rise in futures prices.

The Bank of Japan's meeting has given an impression that USD/JPY will be steady at least for the next month, so if this week's US economic and employment data does not worsen, stocks are likely to have an upward trend.

Just to add, last Friday (the 20th) in New York was SQ day, and both the S&P 500, NASDAQ, SOX, and Russell all went down.
Nevertheless, at the start of the week, Nikkei futures have been slightly positive.

It seems that there is a sense of reassurance in USD/JPY after the Bank of Japan's meeting, and there is some buying back in Japanese stocks. Unless there is a downturn after SQ in the NY market on the night of the 23rd, the trend will remain steady until ISM non-manufacturing and ADP.