Bank of Japan data suggest Japan may not have intervened in the foreign exchange market on Monday.

Mona Yacoubian, director of the Middle East program at the Center for Strategic and International Studies, said repeated instances in which the Trump administration escalated threats but then held fire have led Iran to conclude it holds the upper hand in the confrontation. She identified a recurring pattern—military escalation, announced but unrealized diplomatic breakthroughs, then a return to threats—that reinforces Tehran’s perception. Yacoubian added the latest U.S. strike was likely delayed after Gulf allies warned further escalation could prompt Iran to target regional infrastructure and energy assets.

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