USD/JPY down 0.3% in early Asia after gap-lower opening at 154.50

Had traded 155.02-153.97 on Fri, closed 154.80; Monday range 154.53-154.05

Investors react to news that Trump had tapped Scott Bessent for Treasury

Bessent respected by Wall Street, has advocated for tax reform, deregulation

Chances of severe tariffs may be reduced; economic, market stability likely

Appointment good for stock and bond markets, likely to cap U.S. yields

Robust U.S. economy, scaling back of Fed rate expectations limit downside

Rising expectations of BOJ December rate hike likely to cap rallies

Support 153.95-154.00

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