The yen strengthened abruptly; USD/JPY plunged nearly 150 pips intraday to 158.60, with traders flagging intervention risk.

China General Nuclear (CGN) Ningde’s 200 MW offshore solar PV project has reached full-capacity grid connection. The project, among Fujian’s first offshore PV developments and CGN’s first nuclear–solar co-located offshore PV installation, includes 200 MW of installed capacity and a 20 MW/40 MWh battery storage system. Over a 25-year operating life it is expected to produce about 300 mln kWh annually, equivalent to roughly 91,300 tonnes of standard coal saved and about 198,000 tonnes of CO2 avoided per year.

Mitsubishi UFJ analysts said a suspected yen-support intervention on Thursday mirrored prior operations, noting the timing — at month-end and before confirmation data due at the end of August — and that it occurred in the New York session. The timing and venue left "the clear impression that the action had full support of the U.S. government." U.S. Treasury Secretary Bessent said the yen appears "severely undervalued," and media reported the New York Fed sought dollar/yen quotes.