Overview

• The dollar bought about ¥148.60 at 5 p.m. in Tokyo on Aug. 22 after resilient U.S. data boosted long-term Treasury yields and widened the U.S.–Japan rate gap.
• Trading stayed cautious ahead of Powell’s remarks, with foreign exchange brokers describing a wait-and-see stance that kept intraday moves contained.
• Tokyo shares fluctuated on Aug. 22 as a weaker yen supported exporters, with the Nikkei up 4.92 points at the morning close and the TOPIX up 13.39.
• A day earlier, the Nikkei fell sharply at one point by more than 200 yen as semiconductor and high-valuation names such as Tokyo Electron and SoftBank Group were sold.
• Earlier in the week, the yen briefly firmed into the low ¥147s after reports of misconduct allegations involving a Fed governor and President Trump’s reported call for that governor’s resignation prompted dollar selling.