In the foreign exchange market last week, the dollar’s upward trend reversed, with the dollar-yen rate falling below 150 yen.

 

Three main factors have been cited for this:

 

  1. “Risk aversion” due to Trump’s announcement of tariff implementation
  2. Decline in US interest rates (10-year treasury yields fell from 4.41% on November 22 to 4.17% on November 29)
  3. Unwinding of “Trump trades” ahead of Thanksgiving on November 27

 

Let’s examine these three points.

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