External broker reports(aggregated public sources), Scotiabank

Scotiabank

External broker reports(aggregated public sources)

Scotiabank’s global foreign exchange strategy team provides in-depth regional insights and macro-economic analysis for G10 and advanced economies, Asia Pacific, and Latin America. Find technical and fundamental strategy reports focused on trade ideas, market risks, and the unfolding macro outlook. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

FX & Rates

<ul><li>Japanese government bond (JGB) yields jumped Tuesday in response to a poor 20-year bond auction, which reflected the weakest demand since 2012.</li><li>Term yields rose 10- 15bps along the curve, with the 20Y bond reaching its highest since 2000 (2.54%) and the 30Y yield reaching its highest since its debut in 1999 (3.1%).</li><li>The 10Y yield nudged back above 1.5% (still below the 1.59% peak seen in March).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Japanese government bond (JGB) yields jumped Tuesday in response to a poor 20-year bond auction, which reflected the weakest demand since 2012.Term yields rose 10- 15bps along the curve, with the 20Y bond reaching its highest since 2000 (2.54%) and the 30Y yield reaching its highest since its debut in 1999 (3.1%).The 10Y yield nudged back above 1.5% (still below the 1.59% peak seen in March).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FX Snapshot - Spread Compression May Weigh on EURJPY

External broker reports(aggregated public sources), Mizuho

Mizuho

Mizuho Bank is a leading global bank with one of the largest customer bases in Japan, and an extensive international network covering financial and business centers around the world. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>USD/JPY rise gained momentum in July</li><li>Before the House of Councillors election, financial markets were focused on the possibility of a major defeat for the LDP and Komeito, leading to the resignation of the Ishiba administration and political instability</li><li>This was ruled out when Prime Minister Ishiba announced he would continue in office</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

USD/JPY rise gained momentum in JulyBefore the House of Councillors election, financial markets were focused on the possibility of a major defeat for the LDP and Komeito, leading to the resignation of the Ishiba administration and political instabilityThis was ruled out when Prime Minister Ishiba announced he would continue in officeContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Equity Derivatives Broker - Delta One Japan, Vantage Capital Markets Japan

François-Xavier Pustoc'h

Equity Derivatives Broker - Delta One Japan

Independent Financial Broker

Vantage Capital Markets Japan

We provide world class financial solutions to our extensive institutional client base including rapidly growing corporations, leading investment banks, commercial banks, asset managers, private equity funds, family offices and hedge funds.

Our services include capital market offerings and placements, wholesale brokerage and execution of cash and derivative products (both listed and OTC) across a range of asset classes.

VCM has offices in London, Hong Kong, Tokyo and Dubai from where we service our global client base. Our strength lies in the experience and quality of our teams, supported by excellent operations and infrastructure.

Macroeconomics

<ul><li>Japanese Equities were up 3.88% last week (vs. M. World +0.81%) driven by Insurance, Banks and Wholesale Trade sectors.</li><li>JPY interest rates and Credit remained stable (ITRAXX Japan 50.81).</li><li>JPY was under pressure this week. USDJPY 149.62 (+1.37), EURJPY 163.62 (+2.22).</li></ul>

Japanese Equities were up 3.88% last week (vs. M. World +0.81%) driven by Insurance, Banks and Wholesale Trade sectors.JPY interest rates and Credit remained stable (ITRAXX Japan 50.81).JPY was under pressure this week. USDJPY 149.62 (+1.37), EURJPY 163.62 (+2.22).

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Cross Asset Strategy

<ul><li>Welcome back to our weekly positioning update.</li><li>It’s hard not to touch upon the recent moves in equities once again, with markets trying to digest whether it was the beginning of a broader outflow from large cap / tech into small cap stocks and indices like Russell 2000, or if it was simply a hiccup due to extended positioning and a profound fear that the cutting cycle was already fully priced in, leaving tiny room for extensive gains in large cap stocks, which were up &gt;20% YTD before the CPI report.</li><li>We provide 3 reasons as to why it was not a rotation below.</li></ul>

Welcome back to our weekly positioning update.It’s hard not to touch upon the recent moves in equities once again, with markets trying to digest whether it was the beginning of a broader outflow from large cap / tech into small cap stocks and indices like Russell 2000, or if it was simply a hiccup due to extended positioning and a profound fear that the cutting cycle was already fully priced in, leaving tiny room for extensive gains in large cap stocks, which were up &gt;20% YTD before the CPI report.We provide 3 reasons as to why it was not a rotation below.

Positioning Watch – There was no “rotation” from large to small caps

<ul><li>Recently, numerous JPY pairs have breached the levels where the BoJ / MoF intervened in April/May, prompting markets to wonder if (and when) authorities might step in again to support the Yen.</li><li>The reaction in USDJPY post key events/meetings has been consistently uniform for the past 12-18 months.</li><li>Markets build up a hawkish narrative prior to the event, only to unwind positions when the news turns out to be less hawkish than anticipated.</li></ul>

Recently, numerous JPY pairs have breached the levels where the BoJ / MoF intervened in April/May, prompting markets to wonder if (and when) authorities might step in again to support the Yen.The reaction in USDJPY post key events/meetings has been consistently uniform for the past 12-18 months.Markets build up a hawkish narrative prior to the event, only to unwind positions when the news turns out to be less hawkish than anticipated.

Japan Watch – Why BoJ Will NOT Intervene Anytime Soon

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EURJPY (EURJPY BGN CURNCY)

FX Snapshot - Spread Compression May Weigh on EURJPY

Japanese government bond (JGB) yields jumped Tuesday in response to a poor 20-year bond auction, which reflected the weakest demand since 2012.

Scotiabank

Forex Medium-Term Outlook(Aug, 2025)

USD/JPY rise gained momentum in July. Before the House of Councillors election, financial markets were focused on the possibility of a major defeat...

Mizuho

Weekly Macroeconomic Report

Japanese Equities were up 3.88% last week (vs. M. World +0.81%) driven by Insurance, Banks and Wholesale Trade sectors. JPY interest rates and...

Vantage Capital Markets Japan

Positioning Watch – There was no “rotation” from large to small caps

Welcome back to our weekly positioning update. It’s hard not to touch upon the recent moves in equities once again, with markets trying to digest...

Steno Research

Japan Watch – Why BoJ Will NOT Intervene Anytime Soon

Recently, numerous JPY pairs have breached the levels where the BoJ / MoF intervened in April/May, prompting markets to wonder if (and when)...

Steno Research

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Market Cap (USDm)

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