Summary
The USD/JPY rose to almost 154 as speculation about monetary policy and the political situation in Japan and the US acted to strengthen the dollar and weaken the yen. Chart points of 155 and higher are now in sight. With the US presidential election finally approaching, further yen weakness was halted as comments by BOJ Governor Kazuo Ueda at his press conference were seen as somewhat hawkish. UST yields rose and the dollar strengthened as Trump gained in the polls, but this momentum has recently weakened slightly. The outcome of the election is still unclear, but we expect the dollar to strengthen somewhat if Trump wins and weaken somewhat if Harris comes out on top.
