Japan’s cabinet (decree No.224) on July 9, 2026 imposed provisional anti-dumping duties on cold-rolled stainless steel coils originating in mainland China and Taiwan. Rates for mainland China range 27.7%–42.1%; for Taiwan 3.6%–20.1%. Affected Japanese tariff codes: 7219.31, 7219.32, 7219.33, 7219.34, 7219.35, 7219.90, 7220.20, 7220.90. Measures are effective for four months, through Nov. 8, 2026.

A-share MLCC theme rallied in the afternoon; Guiyan Platinum hit the daily limit-up, while Dongcai Technology, Boqian New Materials and Zhongdian Port advanced.

Hoisington data show the Fed's Treasury holdings rose about $290bn from December 2025 to end-June 2026, a seven-month increase approaching the roughly $320bn seen during the pandemic; total holdings are at a record high. The rise partly reflects reserve-management purchases to keep reserves ample and partly reinvestment of maturing MBS principal — the latter reshapes asset mix rather than equivalently expanding the balance sheet. The NY Fed began reserve-management purchases at $40bn/month and trimmed them to $10bn/month by summer. NY Fed research concludes these buys have raised demand for short-term debt, eased repo-market stress and marginally lowered short-end funding costs, but are far smaller than 2020 QE, when the Fed bought nearly $2trn of medium- and long-term Treasuries. The flow indicates only that runoff has ended and the Fed is again a material buyer of short-dated debt; it does not constitute QE or yield-curve control.