Yesterday the USDJPY reached a high of 148.37 yen around GMT 00:00, then saw yen buying following comments from BOJ Governor Kazuo Ueda, falling to the 147.5-yen range before turning upward again.

The February Producer Price Index (PPI) announced at GMT 12:30 showed weak results including the core index, causing large fluctuations up and down before declining. Around GMT 17:30, the price touched a low of 147.41, and trading for the day closed at 147.71.

Today the USDJPY reached a high of 148.43 yen shortly after GMT 01:00, then fell back once, but as of GMT 04:00 is rising again in the early 148-yen range.

Looking at the 1-hour chart of the USDJPY (as of GMT 04:30 on March 14), it has broken above the range, and the middle line is also starting to show an incline. The immediate target appears to be 149 yen.

The main economic indicators for today are as follows:

• GMT 14:00 U.S. March Michigan Consumer Sentiment, preliminary