Overview

• The yen traded around ¥148.48 per dollar in Tokyo on Aug. 22 after resilient U.S. indicators drove Treasury yields higher and spurred yen selling on rate‑differential bets.
• Japan’s newly issued 10‑year JGB yield briefly touched about 1.615%, the highest level since October 2008, reflecting pressure from rising U.S. long‑term rates.
• The Nikkei ended up 23.12 points at 42,633.29 after a choppy session, with exporter shares supported by the weaker currency and overall sentiment constrained by caution.
• Earlier in the week the yen firmed into the ¥147 range after reports of alleged misconduct involving a Federal Reserve governor and President Trump’s reported call for the governor’s resignation raised concerns about Fed independence.
• Traders kept risk tightly managed ahead of Powell’s Jackson Hole speech, with recent sessions showing narrow FX ranges and mixed equity moves that included a softer Nasdaq and a modestly higher Dow.