According to a report by Chris Turner of ING, the latest Federal Reserve meeting minutes provide further evidence supporting the view that the Trump administration is not opposed to a softer US dollar. The minutes confirmed that the New York Federal Reserve Bank, acting on behalf of the US Treasury, inquired about the dollar-yen exchange rate last month. Turner stated that this move reflects a shared desire between the United States and Japan to prevent the US dollar from sustaining a rise above 160 yen. He added that this, combined with expected Federal Reserve interest rate cuts and potential Bank of Japan rate hikes, suggests asset management firms should be keen to sell US dollars within the 156-158 yen range. The US dollar was largely unchanged against the yen, trading at 154.81 yen.