The IEA said on Thursday it expects global coal demand in 2026 to rise 1.2% to a record 8.94 billion tonnes. It cited disruptions to oil and LNG shipments via the Strait of Hormuz since the outbreak of the US‑Iran war, which have lifted fuel prices and prompted countries with gas-fired capacity and idle coal plants to boost coal-fired generation.

Barclays said the yen’s recent rally could reverse and USD/JPY may move back above 150 if expectations for faster BOJ tightening disappoint and Japanese pension funds fail to shift into domestic assets as anticipated. Barclays strategists led by Shinichiro Kadota said recent yen strength was driven by bets on BOJ policy tightening, speculation over pension fund flows and technicals. The bank warned further yen gains may require the BOJ to deliver a hawkish surprise relative to already elevated expectations. Barclays added that interest-rate differentials, a Japanese equity risk premium, concerns about Sanae Takaichi’s policy stance and persistent structural yen-selling flows remain headwinds to sustained appreciation.

Southwest Securities says Aug 2026 saw construction machinery volumes rebound at the tail of the slow season into the September–October window, with excavator sales accelerating and exports rising faster than expected; loaders logged positive growth domestically and abroad. The brokerage attributes momentum to a replacement cycle, export-led demand and a spreading wave of price increases; industry competition is shifting from price-driven compression to profit recovery, with leaders having implemented excavator price hikes and price rises now extending to cranes. FX headwinds into 2026 Q3 may ease marginally versus last year’s H2 negative-contribution low base, potentially unlocking earnings leverage for market leaders. It recommends prioritizing high-share, export-strong, margin-resilient OEMs and core component suppliers to capture an earnings catalyst from price realization, production delivery and FX improvement.