On April 28, 2023, the U.S. dollar strengthened as risk-off flows emerged due to the ongoing Iran war, overshadowing a brief rally in the yen. The Bank of Japan (BOJ) decided to keep its interest rate steady at 0.75%, with a notable 6-3 split vote, the widest since Governor Kazuo Ueda took office. This decision has sparked speculation about a possible rate hike in June. The yen initially appreciated but later fell to 159.65 per dollar and 186.90 per euro after Ueda's press conference indicated a subdued growth outlook. Meanwhile, Brent crude oil prices rose 2.8% to $111.26 per barrel, reflecting concerns over energy supply disruptions. The U.S. dollar index recovered from a two-day decline, trading 0.2% higher at 98.66. Market analysts noted a correlation between the Iran conflict and movements in the dollar, oil prices, and U.S. Treasury yields. Attention is now shifting to the upcoming Federal Open Market Committee meeting, which may be Jerome Powell's last as Fed Chair, with expectations of a cautious approach to rate cuts amid rising inflation pressures.