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On the morning of November 5, the dollar-yen pair traded weakly, falling from 158.43 to 157.85 yen. The US 10-year Treasury yield dropped to around 4.84%, and NY crude futures (WTI) fell to the $87 range.
Japanese stocks also weakened, and the market bought yen and sold dollars.
Lower US yields and weaker crude reduce the dollar's appeal and ease inflation pressure, which weighs on USDJPY. A firmer yen modestly lowers the cost of dollar-priced feed imports for Japanese buyers.
zaikei.co.jpNov 5, 2026Not enough comparable past events yet for a historical read.
After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
