The Japanese yen in focus amid markets and intervention discourse
Gold has fallen from its 2025 peak as higher real yields and a firmer dollar weigh on prices, with analysts noting divergent drivers behind safe-haven demand and new forecasts suggesting limited upside this year.
The US and Iran have exchanged fresh strikes this weekend and on Monday, reversing a recent interim ceasefire and re‑opening doubt over control of the Strait of Hormuz. President Donald Trump has declared the ceasefire "over," ordered further strikes and revoked a temporary oil waiver. Oil has jumped into the high $70s–$80s and global markets have fallen.
The United States has launched a wave of strikes on Iran after attacks on three ships in the Strait of Hormuz. Iran retaliates by targeting US bases in Bahrain and Kuwait. Oil prices have risen amid renewed fighting, and talks toward a ceasefire appear fragile as both sides accuse the other of violations.
Japan has signalled readiness to act decisively if needed to widen investment in Japanese assets, as leaders push for stronger growth and greater household and pension fund participation. Officials caution that intervention cannot be dictated and must align with evolving conditions.
Japan and the US have conducted a coordinated yen-buying operation to stop the currency's slide after the yen hit 40-year lows near ¥164. Tokyo has confirmed the intervention and said it will act again if needed; Washington has publicly backed the move while reports say the US funded purchases by selling euros rather than dollars.