According to CoinMeta, the US dollar/yen (USD / JPY) is beginning to rebound, with the market focusing on the situation in the Middle East and US (CPI) data. Last weekend, the US dollar generally fell, with initial weakness stemming from the Federal Reserve's interest rate decisions, as additional dissent from Fed official Kashkari was not seen as a major hawkish surprise. On Thursday, due to interventions by Japan and South Korea, there was a significant sell-off of the US dollar. On Friday, reports confirmed that the US Treasury Department was involved in the intervention, which was the first joint action since 2011. In addition, both the Japanese Ministry of Finance and US Treasury Secretary Yellen stated that they would not hesitate to undertake more joint interventions in the future. Considering that the current trading level of the US dollar/yen is at the same level as in April and May, the likelihood of further intervention in the near term is low, so the US dollar should return to fundamental trading. Overall, there are no significant fundamental changes, and the market is awaiting US (CPI) and further developments in the US-Iran situation. A缓和 in the situation would put pressure on the US dollar, alleviating inflation concerns and reducing the probability of interest rate hikes, while an escalation of the situation could continue to support the US dollar due to the risk of tighter Fed policy. Finally, hot (CPI) data may determine interest rate hikes at the September meeting. As for the yen, following the joint intervention by the Japanese and US Treasuries, the yen appreciated significantly over the weekend.