Nearly a year after Hong Kong moved ahead with its first Hong Kong dollar stablecoin licenses, industry sentiment remains cautious rather than enthusiastic. People close to the local stablecoin business told the author that Standard Chartered-backed AnchorPoint Fintech has shown a more proactive stance, while HSBC has been far less eager. Several licensed crypto exchanges in Hong Kong are also testing or participating tactically, but many do not yet see a clear path to profits. The report argues that the current setup has created a mismatch: some institutions that strongly want to explore Hong Kong dollar stablecoin use cases have not been given a leading role, while some institutions that did receive licenses or central positions are seen as lacking strong commercial motivation. That gap, in the view of market participants cited in the piece, has left the sector with licenses in hand but limited momentum. The article also places Hong Kong in a broader global context. Euro, yen and won stablecoin efforts are described as facing their own structural limits, from low market share and slow adoption to restrictive institutional design and unresolved regulatory disputes. Against a global stablecoin market of nearly $308.3 billion, with dollar stablecoins accounting for 98%, non-dollar stablecoins continue to lag.

U.S. Senator Elizabeth Warren has asked Treasury Secretary Scott Bessent to explain why the government intervened in the yen and to spell out the legal authority behind the move. In a letter dated Aug. 13, Warren requested details on how much taxpayer money was used to buy yen and what costs the Treasury expects from the operation. She said Congress requires the Exchange Stabilization Fund, or ESF, to be used cautiously and in ways that advance the national interest, and she asked for a response by Aug. 28. Warren also pointed to an earlier ESF intervention in the Argentine peso market, which she criticized as a politically driven taxpayer bailout. She asked the Treasury to clarify how the latest action could affect the U.S. economy and financial stability. The development was reported by Japan Times and cited by Techub.

Bitunix said July producer price data in the United States eased some of the pressure around another Federal Reserve rate increase, but did not resolve the broader issue of high long-term funding costs. U.S. July PPI was flat on a monthly basis and rose 4.7% from a year earlier, while cooling CPI data released a day earlier also pointed to easing price pressure as energy costs retreated. Following the data, market pricing for a September Fed hike fell from about 50% to roughly 35% to 40%. The firm also highlighted signs that inflation pressure has not fully disappeared. Core final demand PPI, excluding food, energy and trade services, rose 0.4% month over month. Initial jobless claims increased to 209,000, suggesting some cooling in the labor market. Bitunix argued that the bigger constraint lies in long-term financing conditions. A $25 billion sale of 30-year U.S. Treasurys cleared at a high yield of 5.216%, the highest auction yield since 2001. With fiscal deficits elevated, Treasury supply increasing and the Federal Reserve no longer acting as the main buyer, longer-dated bonds may need a higher term premium to absorb supply. The firm added that yen carry trades remain another source of risk after USD/JPY moved back toward 160 following Japan’s intervention in the currency market.

The Bank of Japan could raise interest rates as early as its Sept. 17-18 policy meeting, and policymakers are also weighing a quicker tightening path after that, according to a Reuters report citing three people familiar with internal discussions at the BOJ. Markets have already priced the odds of a September move at nearly 80%, putting the next meeting at the center of attention. The report says the BOJ is under its strongest pressure to keep lifting rates since ending its ultra-loose policy framework in 2024. Since that shift, its pace has been roughly two rate hikes a year. In June, the central bank lifted rates to 1%, the highest level in 31 years. Reuters said some analysts believe a September move could also leave room for another hike in December, which would bring the yearly total to three and strengthen expectations for one increase per quarter. The backdrop includes a weak yen, elevated wholesale inflation, inflation expectations near or above 2% among households, companies and economists, and imported price pressure tied to Middle East conflict and strong global AI demand. BOJ Governor Kazuo Ueda said after the July meeting that the bank could move faster if financial conditions are judged too loose, while the meeting summary showed some members pushing for a quicker pace to avoid falling behind the curve.

Japan's efforts to support the yen are losing traction. Market data shows carry traders rebuilding short yen positions on each bounce, creating a loop in which official intervention gives them better selling levels. After a brief joint U.S.-Japan intervention, USD/JPY edged back toward 160 within less than two weeks. Hedge funds had cut yen shorts by about half as of Aug. 4, but some institutions are re-establishing yen-funded carry trades. The pair has recovered from around 157 to 159.43. Some traders say a move toward 162 is possible if the dollar and U.S. yields do not decline clearly. Japan reportedly may have spent tens of billions of dollars in late July, with a single day possibly reaching a record $53 billion. Yet the yen still hovered near 160, underscoring the market's focus on the U.S.-Japan rate gap and fiscal pressure. Attention now turns to the Bank of Japan. Traders price in a 25-basis-point hike in September or October, but analysts argue carry trades will persist as long as Japanese rates stay well below those in major economies.

Metaplanet, a company listed on the Tokyo Stock Exchange, has introduced a new continuous bond issuance program called BitBonds. The company has completed the first private placement under that program, which consists of the 21st through 24th series of unsecured ordinary corporate bonds. The issue date is August 13, 2026. The total amount is approximately 200 million yen, or around $1.25 million, and the issuance is divided into four tranches. Each tranche has a maturity of roughly three years and carries an interest rate within a range of 4.0% to 4.3%. Metaplanet disclosed the placement in a post on its official X account; Foresight's 7X24 flash news service carried the update. These are Japanese yen-denominated unsecured ordinary corporate bonds issued under the BitBonds program. The first private placement under the BitBonds program has four series being offered together, with a term of about three years and a coupon range spanning 4.0% to 4.3%.

U.S. July CPI rose 0.1% month over month and 3.4% year over year, while core CPI increased 2.5% on an annual basis, according to the figures cited by BlockBeats on Aug. 13. After the release, market pricing for a Federal Reserve rate hike in September fell from about 50% to around 40%, easing near-term policy pressure. Bitunix argued, however, that the report does not automatically justify expectations for a looser policy path. The firm pointed to a widening U.S. fiscal deficit, which has approached $1.8 trillion over the first 10 months, a national debt nearing $40 trillion, and rising interest expenses. Against that backdrop, continued Treasury issuance is keeping attention on longer-dated borrowing costs. The 10-year Treasury auction yield rose to its highest level since 2007, while the 30-year yield moved closer to 5.25%. The analysis also flagged external risks. In Asia, the yen moved back near 160 and Japan’s July PPI rose 7.2% year over year, adding to expectations for a Bank of Japan rate hike in September. Bitunix also said renewed risks to energy and grain supplies tied to the Russia-Ukraine conflict could complicate the inflation outlook. For volatile assets such as Bitcoin, the firm said traders should watch dollar liquidity and long-end Treasury yields, not just the Fed’s policy rate.

The Japanese yen moved back toward the 159 level on Aug. 12, a sign that the impact of the latest U.S.-Japan intervention is fading. The currency briefly fell 0.1% to 159.39 before closing little changed, while its recent weakness has already erased roughly half of the gains triggered by the joint action. According to the source cited in the original report, the U.S. Treasury on July 31 used the New York Fed to instruct Goldman Sachs and Morgan Stanley to sell euros and buy yen, marking the first direct U.S. participation in yen intervention in nearly 30 years. That move helped lift the yen from around 163 to 155. The report says the rebound did not hold because elevated U.S. Treasury yields and rising international oil prices restored support for the dollar and added pressure on Japan, which relies on imported energy. Market attention is now shifting to the Bank of Japan’s next policy meeting in September. Several strategists cited in the report argue that unless the BOJ moves more decisively toward policy normalization, intervention alone will have limited effect. With 160 now seen as a political red line, traders are watching for the possibility of another round of official action if the yen weakens quickly again.