Monday, August 03, 2026

Japan and the US tag-teamed FX intervention to defend the yen, and Trump basically confirmed he gave the nod — yen bears are on notice. India’s rupee ripped to a one-month high at 95.13 as crude slumped and inflows picked up, right as the RBI kicks off its MPC meeting today. Zee shares tanked 12% after SEBI dropped the hammer on Subhash Chandra and Punit Goenka — regulatory risk is back in a big way for Indian media. Watch the yen closely — Japan says it won’t hesitate to intervene again, and with Trump’s blessing, this feels less like a bluff and more like a line in the sand. South Korea’s factory PMI just printed a sharp expansion on surging export demand — good signal for the global trade cycle, bad signal for anyone betting on a deep Asia slowdown.

Japan and the US tag-teamed FX intervention to defend the yen, and Trump basically confirmed he gave the nod — yen bears are on notice.