USD/JPY dropped roughly 70 pips in a brief move and is trading at 157.

Ministry of Natural Resources data on Aug. 3 show China’s 1H seagoing ship new contracts, completions and orderbook rose 105.2% YoY, 34.8% and 37.1% respectively; China accounted for 73.9% of global new orders, 55.4% of completions and 63.3% of backlog. Deliveries included more than 40 large vessels — including container ships above 10,000 TEU, ultra-large crude carriers and large LNG carriers. Shipyards report full production schedules, with some orders pushed into 2029 and beyond. High-end deliveries included the world’s first 10,800-car LNG dual-fuel car carrier, the world’s first 24,000-TEU methanol dual-fuel container ship and China’s first 740-TEU pure-electric smart container ship, signalling steady improvement in high-end shipbuilding supply capacity.

JP Morgan says the US Treasury has limited liquidity to support coordinated yen intervention with Japan, though unconventional steps could materially expand capacity. Strategists Junya Tanase et al. note the Treasury's Exchange Stabilization Fund held about €13bn of euro assets and $25.5bn of other foreign assets as of June, small versus Japan's roughly $35–60bn intervention scale in 2022–26. Converting IMF Special Drawing Rights into dollars and swapping foreign-currency assets into dollars could, in theory, boost Treasury firepower to about $187bn; Federal Reserve participation could effectively double that. JP Morgan adds it does not expect unlimited Treasury intervention because ESF resources are finite and additional funding would likely require congressional appropriation.