Yen

• Asian markets are experiencing cautious trading with the NZX opening lower, as investors await critical US initial claims and Friday's jobs data. • Market focus remains on earnings reports from Softbank and Swire, while the Yen's volatility and China's pursuit of taxes on overseas investments pressure insurers and financials. • In regional data, the Reserve Bank of India (RBI) maintained interest rates on Wednesday as expected, while the Philippines prepares to release June unemployment and industrial production figures.

• South Korea's Kospi and other Asian markets declined following a period of US tech rallies, with MSCI’s Asia Pacific gauge sliding 0.7%. • Market performance was mixed across the region: Japan’s Topix fell 0.3% and Hong Kong’s Hang Seng dropped 0.5%, while Australia’s S&P/ASX 200 rose 1.3% and the Shanghai Composite gained 0.2%. • The downturn was widespread, with eight of the 11 industry groups tracked by MSCI posting losses.

• Global stocks reached record highs following upbeat annual revenue growth forecasts from key companies, including Palantir Technologies and Caterpillar. • Caterpillar's growth is being driven by the expansion of AI data centers, signaling strength in the global industrial economy. • Market analysts, such as Oliver Pursche of Wealthspire Advisors, attribute the surge to stronger corporate earnings and improved future expectations.

• The Japanese yen surged up to 5% over three trading sessions following suspected currency interventions by US and Japanese authorities. • Traders are closely monitoring the market for further interventions to stabilize the currency pair against the US dollar. • This volatility comes amid heightened focus on potential US economic policies and the influence of figures like Scott Bessent and Donald Trump.

• European Commission President Ursula von der Leyen has called for stronger EU borders and improved migration controls following a crisis in Ceuta. • Von der Leyen identified five key areas for improvement, emphasizing the need for more efficient processes to return migrants to their home countries. • The crisis has exposed deep political divisions, with Spanish leader Pedro Sánchez criticizing other EU governments for a lack of support.

• European Commission President Ursula von der Leyen is attempting to mediate a crisis between Spain and other EU member states regarding migration management in Ceuta. • A group of 22 EU leaders, coordinated by Italy’s Giorgia Meloni and Denmark’s Mette Frederiksen, sent a letter criticizing Spanish Prime Minister Pedro Sánchez’s pro-migration policies. • The critics argue that Spain is failing to secure the EU's external border, suggesting that Madrid's failures should lead to consequences regarding its cooperation within the Schengen Area.

• European Commission President Ursula von der Leyen has called for the implementation of tighter border checks and physical barriers in response to the migration crisis in Ceuta. • The move follows widespread European criticism of Spanish Prime Minister Pedro Sánchez's management of the situation. • This intervention aims to defuse growing tensions between the European Commission and the Spanish government.

European Commission president says work needed in five areas of migration control including returning more peopleThe president of the European Commission has called for action to strengthen Europe’s borders after tens of thousands of people arrived and quickly left the Spanish territory of Ceuta, triggering a furious row between Madrid and other European countries.In a letter to Spain’s prime minister, Pedro Sánchez, on Monday, Ursula von der Leyen said: “From this incident, it is clear that we must do more to further strengthen our borders at critical points, including vigilant monitoring and the use of physical barriers where needed.” Continue reading...

• European Commission President Ursula von der Leyen has expressed support for Spain following a diplomatic crisis involving the territory of Ceuta. • The move comes after Spanish Prime Minister Pedro Sánchez accused several European leaders of attacking him rather than offering solidarity during the turmoil. • Tensions escalated on Thursday when Italian Prime Minister Giorgia Meloni proposed suspending Spain from the 29-country Schengen zone, which typically allows for borderless travel.

• The Japanese yen rose nearly 1% against the U.S. dollar on Monday as investors anticipated a potential coordinated currency intervention between Japan and the United States. • This rally is driven by market expectations that Japanese authorities will act to stabilize the currency, alongside shifting outlooks regarding the Bank of Japan's monetary policy. • The movement is significant as it reflects growing volatility in the USD/JPY pair and highlights the tension between U.S. economic strength and Japanese currency stability.

US and Japanese governments confirm they carried out a rare joint intervention late last weekWhy has Trump stepped in to prop up Japan’s currency?Business live – latest updatesThe yen has hit its highest level in three months after Washington and Tokyo launched a combined operation to support the Japanese currency.The yen strengthened to ¥155 to the US dollar on Monday, its highest level since early May, as the two governments confirmed they had carried out a rare joint currency intervention late last week. Continue reading...

• Japan has confirmed a joint currency intervention with the United States to stabilize the yen. • U.S. Treasury Secretary Scott Bessent stated that Washington will not hesitate to participate in further joint interventions if necessary. • This coordinated action aims to curb excessive volatility in the foreign exchange market and prevent the yen from weakening further.

• Tokyo is expected to announce a joint action with the United States to support the Japanese yen, marking the first such coordinated effort since 2011. • The move follows comments from US Treasury Secretary Bessent on July 30, who stated that the yen appears to be "very undervalued." • This intervention aims to stabilize the currency market and counteract the significant depreciation of the yen against the US dollar.

• Spanish Prime Minister Pedro Sánchez sent a letter to European Commission President Ursula von der Leyen criticizing the European Union's lack of solidarity regarding Ceuta. • Sánchez claims that this lack of support is fueled by "prejudice, misinformation and attacks" intended for political gain. • The move highlights growing tensions between Spain and EU leadership over the management and security of the Spanish exclaves in North Africa.

Treasury secretary’s notepad, photographed by Reuters on Friday morning, prompts questions over US plansDuring a cabinet meeting at Camp David on Friday, the US treasury secretary Scott Bessent carelessly revealed plans for the US to buy $5bn-$10bn ⁠in Japanese yen in a scribbled “to do” list left visible to a Reuters photographer.The image, taken over Bessent’s shoulder during a portion of the meeting open to journalists, showed a Camp David notepad with the underscored words “To Do” followed by “Buy Japanese Yen (JPY) $5-10 bil”. Continue reading...

• Japan's Bank of Japan and South Korea's Bank of Korea have reportedly engaged in a rare joint market intervention to stabilize the yen and the won. • Analysts suggest that because the two currencies are tightly coupled, a coordinated effort could double the impact on the forex market compared to unilateral actions. • This move matters as both nations seek to combat excessive currency volatility and protect their respective economies from rapid depreciation.

• Asia-Pacific stocks rose for a second consecutive day, driven largely by a recovery in South Korean markets fueled by semiconductor giants SK Hynix and Samsung. • The Japanese yen surged abruptly while the US dollar declined following the Federal Reserve's decision to keep interest rates unchanged. • Long-term Treasury yields reached new multi-year highs as investors reacted to the Fed's steady rates amidst persistent inflation.

• Asian stocks rallied significantly, led by South Korea's Kospi, which saw a 17% jump and record intraday gains as investors renewed bets on the AI trade. • Japan's Nikkei 225 rose over 4% and the Topix climbed 1.5%, contributing to a 3.6% increase in the MSCI Asia-Pacific Index. • The surge occurred as the Bank of Japan maintained its current policy ("stood pat"), causing the yen to fall and boosting regional equity benchmarks.

• WXYZ-TV and The Spot Detroit 20 have appointed Tina Nguyen as their new Sports Anchor. • Nguyen transitions to the Detroit market from FOX 32 Chicago, where she reported on the Chicago Bears, the Cubs' postseason, and the MLB All-Star Game. • Her professional background includes a tenure at KTNV ABC13 in Las Vegas, where she covered the NFL Draft and championship runs for the Vegas Golden Knights and Las Vegas Aces.

• Goldman Sachs has increased its 12-month target for Japan's TOPIX index from 4,400 to 4,500, suggesting a potential upside of approximately 12%. • The firm's optimistic outlook is driven by expectations that a weak yen will significantly boost Japanese corporate earnings. • This move comes as the TOPIX remains only 2% below its all-time high set in June, outperforming other Asia-Pacific markets with a stable forward P/E ratio of 16x to 17x.

• Investors are monitoring how the Middle East crisis may trigger oil price spikes, potentially forcing the U.S. Federal Reserve to delay interest rate cuts and strengthen the U.S. dollar. • Japan and South Korea face significant currency risks as they raise domestic interest rates to combat inflation driven by oil shocks originating in the Strait of Hormuz and Saudi Arabia. • This dynamic is critical because raising the cost of capital does little to offset currency exposure to dollar-priced commodities, creating a volatile environment for Asian markets.

• Asian stocks rose for a second consecutive day, driven primarily by a rally in chipmakers and optimism surrounding AI investments, which significantly boosted the Kospi Index. • Commodity markets saw gains in crude oil, gold, and silver, though the rise in oil prices has reignited inflation concerns and pushed Treasury yields higher. • The Japanese yen continued to weaken, sliding past the 163 per dollar mark.

In Brussels EU ambassadors will be trying to work out the details of the 21st sanctions package for RussiaEuropean Commission president Ursula von der Leyen is in Kyiv today with plans to announce “new initiatives to integrate our defence industries,” a day after both European and Ukrainian armies were involved in the Bastille Day parade in Paris.“It’s a special moment. Ukraine has built a strong military momentum. The tide is turning,” she said. Continue reading...

• European Commission President Ursula von der Leyen has expressed support for implementing "age-appropriate" restrictions on social media usage. • The initiative aims to protect younger users by introducing tailored regulations to limit access or functionality based on age. • This move signals a shift toward stricter digital safety standards across the European Union to combat the risks associated with social media for minors.

• European Commission President Ursula von der Leyen has pledged to implement an EU-wide ban on social media for children. • The commitment follows recommendations from a panel of experts who specifically called for restrictions on users under the age of 13. • Experts warned that social media can trigger addictive behaviors and emotional instability, noting that the human brain continues to develop until age 25.

European Commission president’s commitment comes after panel of experts calls for restriction for under-13sThe European Commission president, Ursula von der Leyen, has pledged an EU-wide social media ban for children after an expert group called for restrictions for under-13s.“It is clear we need age-appropriate restrictions to platforms,” von der Leyen told reporters after the publication of a report on child safety online. Continue reading...

• The Nikkei 225 index plunged over 800 yen to the 67,400 range on July 8, following a significant drop in South Korea's KOSPI, which tumbled more than 5%. • Trading activity on the Tokyo Stock Exchange Prime Market remained high, with a preliminary trading value of approximately ¥7.81 trillion ($48.1 billion) and 1.48942 billion shares traded by 2:00 p.m. • This decline marks the second consecutive day of a "risk-off chain reaction" originating in Asia, triggering sympathy selling across Japanese markets.

• Prime Minister Narendra Modi has announced a strategic goal to attract 10 trillion yen in investment from Japan to India by the year 2036. • Severe weather has hit major cities on July 2, 2026, with Mumbai under an IMD red alert due to heavy monsoon rains and severe waterlogging. • Other critical reports include the first monsoon showers in Delhi and a distressing case of daycare abuse in Bengaluru.