美元/日元前景：上田演讲，美国数据成为焦点，日元偏好转为中性。最近几周，美元/日元无视了利率差异和风险偏好等传统驱动因素，但历史表明，这取决于这些关系何时恢复，而不是是否恢复。随着月末资金流的消失，人们的注意力转向了繁重的日历：一方面是美国PMI、劳动力指标和核心个人消费支出，另一方面是上田的演讲、家庭支出和日本国债拍卖。

USD/JPY outlook: Ueda speech, U.S. data in focus as yen bias turns neutral.USD/JPY has defied traditional drivers like rate differentials and risk appetite in recent weeks, but history suggests it's a matter of when—not if—those relationships return. With month-end flows out of the way, attention turns to a heavy calendar: U.S. PMIs, labor indicators, and core PCE on one side, and Ueda's speech, household spending, and JGB auctions on the other.