In the Tokyo foreign exchange market on the 3rd, the depreciation of the yen against the dollar accelerated, with the yen depreciating by more than 3 yen and trading in the upper 133 yen range to the dollar.
In the Tokyo foreign exchange market on the 3rd, long-term interest rates in the United States rose due to the receding view that the United States might become cautious about tightening monetary policy, and the yen was sold in response to the widening interest rate differential between Japan and the United States. There is a strong trend to buy US dollars.
A market insider said, ``In the United States, there was widespread speculation that the FRB would slow down the pace of interest rate hikes, but the president of the San Francisco Federal Reserve Bank was seen as making a positive statement about monetary tightening, which led to a move to buy back the dollar. The market is focused on China's response to the visit to Taiwan by Speaker of the U.S. House of Representatives Nancy Pelosi.