Japan's finance minister Katayama said he does not consider the JPY 370 trillion public-private partnership (PPP) investment target to be overly large.

Mitsubishi UFJ Financial Group senior FX strategist Lloyd Chan said in a note that elevated US Treasury yields and persistent Middle East tensions are likely to support the dollar in the near term. He said this week’s Fed decision will be the key catalyst, noting that while no policy change is expected, market attention will focus on guidance — specifically whether policymakers remain inclined to tighten. Chan added US tariff policy is returning to market focus as the Trump administration seeks to rebuild tariff measures after the US Supreme Court earlier this year struck down Trump’s proposed global reciprocity tariffs.

The National Development and Reform Commission (NDRC) will hold a press conference on China–Europe freight trains at 10:00am on July 28 (Beijing time).