JPY Weekly - 9 June 2025

USD/JPY: Market remains range-bound

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Week in revew

The USD/JPY opened the week at 143.79. Dollar selling resumed on Monday 2 June following weekend news that President Donald Trump planned to raise tariffs on steel and aluminum to 50%, fueling renewed concern over the outlook for US-China trade negotiations. The USD/JPY fell to below 142.50 by early 3 June, further pressured by a weaker-than-expected US ISM manufacturing PMI. A rebound followed as bargain hunters stepped in, and the recovery extended after the April US JOLTS data beat market expectations overall, lifting the USD/JPY back above 144. On 4 June, the pair climbed to around 144.50 during Tokyo trading, but then tumbled to around 142.50 again as the ADP employment report and ISM services index both came in weak. Support around this level held firm, and on 5 June the pair gradually regained ground. Worse than expected US initial jobless claims weighed, but the dollar strengthened following reports of a US-China leaders' phone call, and the pair climbed close to 144. The USD/JPY was trading above 143.50 at the time of writing on 6 June (Figure 1). Looking at G10 currencies more broadly, the dollar weakened this week, although the magnitude of the move appears modest (Figure 2).

FIGURE 1: USD/JPY

Note: Through 13:00 JST on 6 June

Source: EBS, Refinitiv, MUFG

FIGURE 2: MAJOR CURRENCIES' RATE OF CHANGE VS USD THIS WEEK

Note: Through 13:00 JST on 6 June

Source: Bloomberg, MUFG

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