[US Market Conditions] Yen is in the latter half of the 146 yen range against the dollar, sold to government bonds due to poor bidding - stocks stalled

2024/8/8 6:01 JST (some excerpts)
The trend of yen sales continues in response to Bank of Japan Deputy Governor Uchida's remarks
Highlight the fragility of markets hit by weak stocks and bonds and volatility

The exchange rate of yen against the dollar remained soft in the foreign exchange market. Bank of Japan Vice Governor Uchida Shinichi suggested that interest rates would not be raised in an unstable financial market situation, and the trend where yen was sold continued during Tokyo time.

On the 6th, the Bank of Japan, the Ministry of Finance, and the Financial Services Agency will hold an information exchange meeting (three-party meeting) related to international financial markets. We were discussing fluctuations in stock prices and exchange rates since last weekend.
　　Credit Agricole CIB senior foreign exchange strategist David Forrester pointed out at this meeting that the Bank of Japan appeared to be “substantially criticized.” “Vice Governor Uchida's statement confirms that there is a high possibility that the Bank of Japan will be cautious about additional interest rate hikes in the near future. This will put pressure on the yen,” he said.