分析と予測

🗞️ Lower House Election vs. Weakening U.S. Employment — USD/JPY Pauses After Its Latest Rally

6 2月 2026, 10:49
Masayuki Sakamoto
Masayuki Sakamoto
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🗞️ Lower House Election vs. Weakening U.S. Employment — USD/JPY Pauses After Its Latest Rally

This week’s FX market has been highly sensitive, caught between political factors and economic data. While USD/JPY remains in an overall uptrend, the push higher in the 157 area has paused for now.

🇯🇵 Yen Weakness Factors

Election optimism remains, but overheating risks are rising

  • Expectations of a landslide victory by the ruling coalition continue to support yen selling

  • The so-called “Takaichi trade,” driven by expectations of policy continuity, remains firmly on investors’ radar

  • However, with the election just around the corner, the market has entered a phase where position adjustments are more likely

In particular, caution is warranted toward expectations centered on symbolic figures, such as “300+ seats.” Even a slight shortfall relative to expectations could trigger swift position unwinds.

🇺🇸 Factors Capping the Dollar

Emerging signs of labor market slowdown

  • Improvements in the ISM manufacturing and non-manufacturing indices continue to provide underlying support for the dollar

  • At the same time:

    • A sharp downside surprise in December job openings

    • The delay of employment data due to the U.S. government shutdown
      are reinforcing concerns about a slowdown in the labor market, acting as a brake on further dollar gains

📉 Sharp Swings in Risk Assets Cloud Market Direction

  • Following a sharp drop in Bitcoin, gold and silver also sold off abruptly

  • Volatility has surged across risk assets

  • In FX, the presence of major upcoming events makes it difficult for markets to commit to a one-way move

Heightened vigilance is still required for price swings when overextended expectations unwind.

💱 London Morning FX Snapshot

  • USD/JPY

    • Fell from the 157 level to around 156.52 during Tokyo hours

    • Buying interest later emerged, lifting the pair back to 157.08 in early London trading

  • Cross-yen

    • Yen selling remained dominant

    • EUR/JPY: early 185 handle

    • GBP/JPY: early 213 handle

However, EUR/USD and GBP/USD also advanced, indicating that this is not a one-sided yen-selling market.

📊 Key Events Ahead

Economic Data

  • Canada employment report (January)

  • University of Michigan Consumer Sentiment (preliminary, February) — expected to decline from the prior reading

Speeches & Events

  • Remarks from U.S. and European central bank officials

  • Release of the ECB Survey of Professional Forecasters

🧭 Summary — How to Read the Market

  • USD/JPY: Holding the 157 area, but chasing the upside requires caution

  • Core themes:

    • Yen weakness driven by election expectations

    • Dollar upside capped by signs of U.S. labor market cooling
      → This tug-of-war is likely to persist

  • Key risk: Positioning skewed by expectation-led trades → heightened risk of sharp reversals depending on outcomes

Current Levels

  • USD/JPY: 157.00

  • EUR/JPY: 185.20

  • GBP/JPY: 213.17

This is a market where “extended moves demand caution, and pullbacks require patience.”
A tense, event-driven environment typical of the run-up to major catalysts remains in place.


#Employment, Canada, report