Core Points - The US dollar index experienced a sudden decline on the evening of November 11, leading to a rise in non-US currencies [1][3] - The ADP reported a weekly average reduction of 11,250 jobs in the private sector for the four weeks ending October 25, indicating a deterioration in the labor market [4][5] - The report from Challenger, Gray & Christmas highlighted that the number of announced layoffs in October was the highest for that month in over two decades, raising concerns about labor market health [5] - A survey by the University of Michigan revealed that 71% of respondents expect the unemployment rate to rise in the next year, the highest percentage since 1980 [5] - Goldman Sachs economists estimate that non-farm employment in the US may decrease by 50,000 in October, considering employees participating in the government "deferred resignation plan" [5] - The latest employment data has increased expectations for interest rate cuts, with a nearly 70% probability of a Federal Reserve rate cut in December [6]

Core Viewpoint - The narrowing interest rate differential between the US and Japan may boost the Japanese yen, with predictions that the USD/JPY exchange rate could reach around 135-140 by the end of the year [1] Group 1 - Former Japanese Ministry of Finance official Mitsuhiro Furusawa suggests that the potential strengthening of the yen is linked to the changing interest rate dynamics between the US and Japan [1]