As of 8:40 a.m. on the New York foreign exchange market on the 1st, the yen was at 143.81 to 91.00 to the dollar, 24 sen weaker than the previous day. The euro is 1 euro = 1.1068 to 78 dollars, 159 yen 27 to 37 sen.

In a speech the day before, Federal Reserve Chairman Jerome Powell said of future interest rate cuts, “We’re going to take our time. There’s no need to rush, it depends on the data.” As this remark became more conscious and expectations of a significant interest rate cut receded, a move to sell the yen and buy the dollar took the lead. (joint)