The yen rose 1.1% to 154.56 per dollar, its strongest since February and above levels reached after the US-Japan joint intervention. The rebound was aided by rising bets on Bank of Japan policy tightening and speculation that the Government Pension Investment Fund (GPIF) may shift asset allocations. Markets have questioned the long-term effectiveness of coordinated Tokyo-Washington intervention in recent weeks. Japan’s top FX official Atsushi Mimura said last Friday his stance on the yen has not

德國選擇黨主席魏德爾：我們需要與俄羅斯保持良好關係，尤其需要與美國保持良好關係。現在我們看到，美國正在向莫斯科派遣代表，在莫斯科和基輔之間進行斡旋。這原本可能是德國可以發揮的作用。

China Post Securities in a non‑ferrous metals report said a strong dollar is keeping base metals under pressure. US August nonfarm payrolls beat expectations, raising the probability of a September Fed rate hike. July core PCE remains below the 2% target; if August CPI does not move materially toward 2%, a September hike cannot be ruled out. The report sees little chance of consecutive hikes, so a September increase could mark the peak of tightening and represent bad news exhausted. From an allocation perspective, central banks are materially adding to gold reserves, making gold’s floor more evident. The house views a September hike as likely; if a hike triggers a price pullback, that would be a clear buying opportunity for precious metals.