Overview

• At 5 p.m. in Tokyo on Aug. 21, the dollar traded at ¥147.58–59, showing slight yen strength with limited intraday moves.
• Foreign-exchange brokers cited safe-haven buying after a steep Tokyo equity decline and attention to a narrower U.S.–Japan yield gap.
• Tokyo’s Nikkei fell 247.99 to 42,640.56 at the morning close, pressured by selling in semiconductor shares following a Nasdaq drop that included weakness in Apple.
• Reports that a Federal Reserve governor faces misconduct allegations and that President Trump sought the governor’s resignation raised concerns about Fed independence and contributed to dollar selling.
• In New York on Aug. 20, the Dow rose modestly on expectations of a September Fed rate cut while the Nasdaq fell, with investors maintaining a wait-and-see stance before Powell’s Aug. 22 remarks.