Mizuho Weekly View — FX, U.S. Tech, and Japan’s Political Risk
According to Mizuho, the USD/JPY level to watch remains clear. The previous intervention zone—200-day moving average +7%—now sits in the low 160s, putting the yen back under close policy scrutiny.
In U.S. equities, attention turns to upcoming earnings from major tech names. Mizuho sees NASDAQ downside support around the 22,000 level, a reminder that even AI-led markets are not immune to valuation resets.
For Japan, the longer-term trend still matters. The 12-month moving average +20%, roughly 52,000 on the Nikkei, represents a “cruising altitude” for equities—but politics may decide the timing. With elections approaching, sentiment could shift faster than fundamentals.
A sober, structured view—focused on levels, not noise.
