S&P 500 extended gains to 1%, marking its largest advance since July 16. Dow Jones Industrial Average up 1.3%, Nasdaq Composite up 1.38%.

Japan's finance minister Katayama declined to comment on whether there was FX intervention today.

Domestic equity private funds raised exposure for four consecutive weeks from June 26, lifting average equity positions by 2.12 percentage points to 84.12% as of July 24 — a 4+-year high (last above 84.12% was 84.30% on April 1, 2022). Funds holding >80% positions now account for 70.43% of equity private funds. Equity private funds with ≥¥10bn AUM averaged 88.64% as of July 24, the highest level year-to-date and the top among size cohorts.