Gate’s latest market data showed a mixed session across precious metals, foreign exchange, equity indexes, and energy. Gold rose to $4,426.98 per ounce, up 0.51% on the day, while silver climbed to $66.704 per ounce, marking a 1.7% intraday gain. In FX, USD/CNH slipped 0.02% to 6.70725, and USD/JPY fell 0.36% to 153.79. European equity benchmarks were modestly higher, with the Euro Stoxx 50 at 6,396.29, the UK100 at 10,819.2, and the GER40 at 26,015.3. In commodities, WTI crude eased 0.24% to $92.72 per barrel, and Brent crude edged down 0.06% to $98.23 per barrel. Gate also said users can trade traditional financial market products directly on its platform, including precious metals, FX, global stock CFDs, major indexes, and commodities, through fully integrated features on its app and web platform.

The Japanese yen strengthened to 153.87 against the U.S. dollar by press time, marking its highest level since February, as a break below USD/JPY 155 triggered a wave of stop-loss orders and options-related hedging flows. Bloomberg reported that the move gathered pace after the pair slipped under a level seen by State Street Investment Management as an important support area following earlier intervention episodes. Traders said the break forced options dealers to sell dollars in the spot market, amplifying yen gains in thin holiday trading as U.S. markets were closed. Fresh data from Japan’s Ministry of Finance added to the shift in sentiment. Official foreign exchange reserves fell to $1.208 trillion at the end of August, down $79.6 billion from a month earlier, a decline of about 6.18% and the largest monthly drop on record. The figures reflected Japan’s earlier intervention campaign, during which authorities spent JPY 15.4 trillion between late July and late August to buy yen and sell dollars. At the same time, attention has turned to the Bank of Japan’s upcoming policy meeting, with comments from board member Hajime Takata reinforcing expectations that policy normalization remains in play, including the possibility of a 25-basis-point move.

The Japanese yen rose about 2.5% over the past week, marking its biggest weekly gain since the late-July U.S.-Japan currency intervention, even as stronger-than-expected U.S. nonfarm payrolls would normally have favored the dollar. The move has been tied to a sharp shift in Bank of Japan rhetoric, rising Japanese government bond yields, and a squeeze on crowded short-yen positions. Markets have largely priced in a 25 basis point rate increase at the BOJ’s Sept. 17-18 meeting, which would lift the policy rate to 1.25%. The report argues that the significance of the move goes well beyond foreign exchange. Because the yen has long served as a global funding currency, a stronger yen and higher Japanese yields can force the unwinding of carry trades that financed positions in U.S. equities, Treasuries, and other risk assets. That transmission channel matters most for long-duration, high-valuation AI and technology stocks, which are especially sensitive to liquidity and discount-rate changes. Investors are now focused less on the size of the next BOJ move than on what comes after it. The pace of future tightening, long-end Japanese bond dynamics, CFTC positioning, and any renewed official intervention are all seen as key signals for whether this yen rally develops into a broader global repricing event.

USDJPY briefly retraced to 156.0 according to Gate data, currently trading at 155.843, up 0.2% in the last 24 hours.

JPMorgan has warned that a break below 155 in USD/JPY could trigger a concentrated unwind of roughly 16 trillion to 17 trillion yen in outstanding short-yen positions, equivalent to about $102.6 billion. According to strategists including Junya Tase, recent price action suggests large yen shorts may not have been fully cleared, raising the risk that selling could accelerate if the pair slips through that level. In that scenario, the bank said USD/JPY could theoretically fall into the 142-146 range. The pair earlier touched 160.39 this week before retreating to around 155.30, while the yen was on track for a roughly 2.7% weekly gain against the dollar, its best showing since July. JPMorgan said the move has been driven by rising expectations for further Bank of Japan rate hikes, speculative short covering, and stronger hedging demand from domestic Japanese investors. Swap markets are now almost fully pricing in a 25-basis-point BOJ hike this month and see about an 80% chance of another increase in December. Still, JPMorgan said expectations around the BOJ and GPIF portfolio reallocation may be overstretched and that a sharp break below the 155-165 range is not its base case. Japan’s top FX official Atsushi Mimura also said he was "not satisfied" with current yen moves and that Japan stands ready to respond to market volatility. Bank of America is currently short USD/JPY with a target of 149, while TD Securities remains moderately bearish on the dollar for the rest of the year.

The Japanese yen rallied nearly 2% against the U.S. dollar on Sept. 4, climbing to 155.81 and marking its biggest one-day gain since the joint U.S.-Japan intervention in the foreign exchange market. The move was driven by rising expectations that the Bank of Japan will raise rates at its Sept. 18 policy meeting, with the swap market almost fully pricing in a 25 basis point hike and putting the odds of another increase in December at about 80%. Short covering in speculative yen positions and haven demand from domestic investors added to the momentum. On the U.S. side, softer remarks on inflation from Federal Reserve Governor Christopher Waller helped restrain expectations for further rate hikes, pushing down dollar rate expectations and narrowing the expected U.S.-Japan yield gap. Japanese authorities remain on alert as well, after deploying a record $96.4 billion over the past month to support the currency. Markets are also watching the period after the September BOJ meeting, which is followed by Japan’s Silver Week holiday, a window seen as sensitive because thinner liquidity could increase the chance of official intervention.

Gate data shows USD/JPY rose above 160.0 to trade at 160.002, up 0.2% in 24 hours. The pair is now trading above the 160 mark.

Japan’s record $96.4 billion currency intervention has failed to keep the yen below the closely watched 160-per-dollar threshold for even a month. On Aug. 28, USD/JPY rose about 0.5% intraday to around 160.20 and finished at 160.10, erasing more than half of the gains secured during the earlier intervention campaign. The move has renewed scrutiny over whether Tokyo will step back into the market and whether 160 still functions as a meaningful line of defense. The political dispute in Washington has added another layer. Senator Elizabeth Warren questioned the legality and transparency of the U.S. Treasury’s participation in the joint buying operation and asked Treasury Secretary Bessent to explain the size and source of the funds. In a written reply dated Aug. 28, Bessent framed the issue less as support for the yen and more as protection for the U.S. Treasury market, arguing that a disorderly yen slide could force major holders of Treasuries to sell and raise borrowing costs for American households and businesses. The report also points to stronger U.S. dollar momentum, higher Treasury yields, renewed expectations of further Federal Reserve rate hikes, and expanding hedge fund short positions against the yen. With the Bank of Japan’s Sept. 17-18 policy meeting approaching, markets are also watching the risk of another carry-trade unwind that could spill into global equities and crypto assets.