In July, the USD/JPY surged to 151, marking a high since March 2025, but plummeted to the 147 range after weaker-than-expected U.S. employment data on August 1. The surge was driven by speculative selling of yen, despite a declining interest rate gap suggesting an overextension in the currency movement. The focus turns to the implications of U.S. economic strength for August.

ニュース過多の7月、米国の株式市場は堅調に推移
2025年7月は第2四半期の企業決算が集中し、重要な経済指標やFRB（米連邦準備制度理事会）の政策会合も重なったことで、市場関係者にとっては情報の洪水のような1ヶ月となりました。そうしたなかでも株式市場は全体として堅調に推移し、S&P500が月間で2.2%、ナスダック100が2.4%の上昇と、安定した成果で締めくくられました。
7月末にかけては、米中貿易交渉に前向きな兆しが見られたことや、アルファベット［GOOGL］、メタ・プラットフォームズ［META］、マイクロソフト［MSFT］といった大手テック企業がAI・データセンター領域での堅調な需

現在のファンダメンタルズ：雇用統計とFRB理事辞任で急反転
先週（7月28日週）のレンジと終値（マネックストレーダーFXのBidレート）

・米ドル／円：　　147.292円～150.914円　　　147.389円

・ユーロ／米ドル：1.13911ドル～1.17701ドル　1.17392ドル

・ユーロ／円：　　169.723円～173.891円　　　170.904円
先週（7月28日週）の米ドル／円：一週間で行って来い
先週（7月28日週）は、FOMC（米連邦公開市場委員会）、日銀会合、米国雇用統計と重要な金融イベントが続きました。FOMCと日銀会合はいずれも事

The US stock market's drop highlights concerns over economic slowdown as employment stats fall short. Japan's stock scene is subdued with key earnings from companies like Toyota. Attention is also on the upcoming ruling party meeting amid political turbulence.

The essay discusses the impact of the July 2025 U.S. employment statistics on the stock market, highlighting parallels with a similar scenario from August 2024. It emphasizes the importance of maintaining a long-term investment perspective despite short-term market fluctuations.

The U.S. stock market experienced declines across key indices following disappointing July employment data. Major tech stocks such as Apple and Amazon were heavily sold, contributing to continued downward trends in the Dow, Nasdaq, and S&P 500. Economic indicators reflected a softening labor market.

The essay discusses the recent performance of the S&P 500, highlighting its significant rise and stable market conditions. It examines the recovery of AI-related stocks, the positive outlook for corporate earnings, and the benefits of a weaker dollar for US companies. It also touches on investment strategies, particularly the importance of long-term investing.

ケイデンス・デザイン・システムズ［CDNS］、AI関連需要で20％増収
集積回路や電子機器の設計を自動化するEDAツールの開発会社、ケイデンス・デザイン・システムズ［CDNS］が発表した2025年4－6月期決算は売上高が前年同期比20％増の12億7500万ドル、純利益が30％減の1億6500万ドルとなりました。非GAAP（米国会計基準）のEPS（1株当たり利益）は1.65ドルで、LSEG（ロンドン証券取引所グループ）がまとめた市場予想の1.55ドルを6.1％上回っています。
生成人工知能（AI）関連の需要が売上高を押し上げ、2割増収を達成しました。売上原価や保守費用が増加したことに加え、

The essay reviews market trends for Bitcoin from July 25 to July 31, detailing price fluctuations due to various factors like US trade negotiations and FOMC decisions. It forecasts potential adjustments for August, considering economic indicators and legislation affecting the cryptocurrency market.

The portfolio's performance has seen a slight decline to approximately 15% excess returns since inception due to market challenges in July, but it still significantly outperforms benchmarks. The strategy for August includes several new stocks and exclusions.

The essay analyzes the outlook for U.S. interest rates in late 2025, emphasizing the potential pressures on real interest rates due to economic slowdown, inflation expectations from tariffs and wage inflation, and the need for balanced investment strategies in bonds and stocks.

The U.S. stock market experienced declines in all major indices, with the Dow dropping 330 points amid lowered expectations for rate cuts and concerns about healthcare stocks. Upcoming employment data adds to market caution.

The Bank of Japan decided to maintain the policy interest rate at approximately 0.5% while revising up the inflation outlook for FY2025 to 2.7%, primarily due to rising food prices. They emphasized a cautious approach, stressing the importance of actual data over predictions for future policy decisions.

The essay examines the recent rise of the yen's depreciation against the US dollar, analyzing its relationship with interest rate differentials and the implications of Japan's political instability. It suggests that the yen's weakness is driven by speculative trading rather than economic fundamentals, with a notable focus on the effects of trade deficits.

In June 2025, Japan's industrial production index showed a 1.7% increase, despite a decline in shipments. While some sectors like electronics are expected to grow, uncertainties remain. Equipment investment is steady, suggesting a resilient economy.

The essay discusses the long-term growth potential of AI companies worth holding in the coming years, highlighting Nvidia, Meta Platforms, Amazon, Aurora Innovation, and Uber Technologies for their unique strengths and positions in the AI ecosystem.

The essay reviews the second quarter financial results of multiple companies including Intuitive Surgical, Schlumberger, Charles Schwab, 3M, and Verizon Communications, noting that all exceeded market expectations in revenue and earnings per share.

The evolution of AI has transformed programming, allowing tasks to be accomplished using natural language instead of traditional coding languages. Consequently, proficiency in English has become crucial for effectively instructing AI, marking a shift in essential skills for programmers in the AI era.

The FOMC's recent meeting revealed a split on interest rate policies, with two board members opposing the decision to maintain rates. Despite ongoing pressure for cuts, Chair Powell emphasized caution, noting economic uncertainties. Future policy decisions will depend on factors like inflation and employment trends.

The essay discusses the significant fluctuations in the euro/yem market, particularly focusing on its surge until July 2024, which deviated from the Japan-Germany interest rate differential. It analyzes how the euro/yem crash was influenced by movements in the dollar/yem and speculates on future trends in relation to interest rate differences.