Nomura says large-scale AI deployment is boosting US growth but is also creating pressures that could expose a rising US risk premium if AI progress falters. Key market risks cited: higher chip and electricity demand could push up US inf; a surge in chip and tech-equipment imports may widen the US trade deficit; heavy bond issuance by major cloud providers could add supply pressure and lift US Bond yields.

USD/JPY breaks below 155 for the first time since Feb. 24, down more than 1% intraday.

Global X ETFs senior investment strategist Mark Chokoum says roughly 68% of Australian household wealth is tied to residential property, creating a concentrated shock risk. House prices have fallen for five consecutive months; with borrowing costs rising, that concentration can amplify financial stress. Mortgage stress is now the main reason Australians seek financial assistance and some lenders report deterioration in >90‑day mortgage delinquency rates. Chokoum said it is premature to label this a housing or mortgage crisis but the signals merit close monitoring.