CFTC data show leveraged funds reduced net short JPY positions by 74,440 contracts over the five weeks to Aug. 4, leaving a net short of 63,600 contracts — the largest reduction in shorts since the 2008 financial crisis. At end-June leveraged funds held a net short of 138,000 contracts, the largest since 2007. The adjustments followed the first coordinated U.S.-Japan FX market intervention in 15 years.

Iranian foreign minister Araghchi said on Aug. 8 Tehran is negotiating with Oman on a legal and management framework and on defining vessel transit routes through the Strait of Hormuz, and that the two sides are very close to an agreement. Reopening or return to normal transit remains conditional, including on the US making reparations for breaches of a US‑Iran memorandum, Araghchi said. Iran rejects the previous lane system as unsuitable and is pressing for a new navigation mechanism; negotiators are discussing a temporary transit lane to form the basis of a formal route, and military authorities from both countries are consulting existing charts pending final agreement.

The Islamic Revolutionary Guard Corps spokesman said on the 9th Iran’s strategy is to maintain control of the Strait of Hormuz until adversaries accept all Iranian conditions and acknowledge defeat. He said Iran has forced the enemy to abandon previously set objectives and that the opponent is now concentrating on reopening the Strait of Hormuz. He added Iran’s resistance will continue indefinitely and defeating the enemy is an unchangeable Iranian strategy.