U.S. SEC says valuations of private credit require special caution.

Commerzbank analyst Thu Lan Nguyen warns that an unusually low FX volatility regime, combined with markets pricing in aggressive future rate hikes, increases the risk of sharp FX repricing if central bank tightening proves weaker than expected. Nguyen says current low FX vol partly reflects clearer assessments of the Iran conflict’s economic impact, but also indicates markets have priced in few policy surprises, leaving currencies vulnerable to abrupt moves if economic or policy paths diverge from consensus.

Wang Yi, member of the CPC Politburo and director of the Central Foreign Affairs Office, met Iwaya Takeshi, chairman of the Japan International Trade Promotion Association, in Beijing on the 28th. Wang praised the association’s pro‑China stance and commended former chairman Kono Yohei for confronting Japan’s wartime history. Marking the 80th anniversary of the opening of the Tokyo Trials, Wang warned that if Japan fails to learn from history, challenges the postwar peace constitution, or attempts to rehabilitate wartime aggressors, it will be unable to face the world or secure a future.