USD/JPY plunged over 50 pips intraday, slipping below 160 to a low of 159.72.

Shenzhen Financial Regulatory Bureau, together with the Municipal Industry and Information Technology Bureau and other agencies, issued measures to promote high-quality development of new energy vehicle (NEV) insurance. The measures direct insurers to optimize commercial NEV benchmark rates and support use of empirical data to scientifically estimate model-specific pure loss rates for risk grading and benchmark-rate setting, improving pricing accuracy and rationality. They call for market-based clause and rate formation and a steady expansion of the permissible float range for insurers’ autonomous pricing coefficients. Property & casualty insurers are encouraged to incorporate range, safety features and powertrain performance into pricing models and to pilot a traffic-violation coefficient, aiming to better align NEV premiums with underlying risk.

Spain's IBEX 35 rose 1.00% intraday.