Yesterday the USDJPY rose immediately after the opening and remained firm in the 148-yen range.

The U.S. CPI and CPI core figures released at GMT 12:30 were both weak, causing a significant drop immediately after the announcement, but the rate rebounded and reached a high of 149.19 yen shortly after GMT 12:30. It subsequently declined, and trading for the day closed at 148.21 yen.

Today the USDJPY reached a high of 148.37 yen around GMT 23:00 (on March 12), but comments from BOJ Governor Kazuo Ueda raised expectations for a rate hike, causing it to fall below 148 yen shortly after GMT 04:00.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:30 on March 13), the rise has slowed down, with fluctuating downward movement. It has become difficult to read the directional trend.

The main economic indicators for today are as follows:

• GMT 12:30 U.S. February Producer Price Index (PPI)
• GMT 12:30 U.S. February Producer Price Index (core PPI)
• GMT 12:30 U.S. Initial jobless claims for the previous week
• GMT 12:30 U.S. Continuing jobless claims for the previous week