Amben: If the United States does not experience a recession, it is unlikely that the Japanese Yen will continue to appreciate

Benesse Asset Management's Chief Investment Officer Zhou Yutian stated that after the Bank of Japan's interest rate decision, the USD/JPY pair fell from the 162 level. Due to expectations that the Federal Reserve may cut interest rates earlier in September, coupled with the decline in large-cap tech stocks, the yen received support. However, the likelihood of the yen continuing to appreciate is small if the U.S. does not experience a recession or if the Federal Reserve is not more dovish than market expectations. It is expected that the USD/JPY pair may turn towards levels above 155. Additionally, with the Bank of Japan raising interest rates, opportunities to re-engage in USD/JPY arbitrage trading will increase