Friday September 04, 2026 — Yen squeezes on intervention/BOJ risk, Treasury yields pressured by rising r-star, NSE mega IPO clears SEBI-SC settlement.

Yen rallies as intervention + BOJ rate risk weigh—watch USD/JPY, because a MoF check hits carry trades and Nikkei risk. Rising r-star adds to UST yield pressure as AI capex and borrowing lift capital demand. Bessent says EU "officially joins" Operation Economic Outcast against Iran. The issue is energy routes and oil risk premium—market hasn't fully priced a supply disruption. UK urged to strip China-made parts from military procurement—bad signal for China supply chain, confirms decoupling broadening beyond tech. Volkswagen plans another 50,000 job cuts in biggest restructuring in 90 years; PayPal cuts 220 India jobs. Good for margins, bad for global labor and autos. NSE's mega IPO moves closer as SC approves SEBI settlement; BSE shares jump another 4%, second day. Exchange franchise is the India capital-markets trade. Rupee closes at 10-week high on strong inflows; Nifty support 23,800 per Religare. Not sure people appreciate how local liquidity is cushioning global rate/geopolitical

Yen rallies as intervention + BOJ rate risk weigh—watch USD/JPY, because a MoF check hits carry trades and Nikkei risk. Rising r-star adds to UST yield pressure as AI capex and borrowing lift capital