Peter Hoskins

The United States and Japan confirmed their first coordinated foreign-exchange intervention since 2011 to halt a sharp decline in the yen, after it reached a 40-year low. Japan may have sold nearly $59bn in US dollars to buy yen, while an apparent note suggested the US could have purchased $5bn-$10bn of yen. Officials said they may intervene again to deter speculators, protect Japanese government bonds and limit wider effects on global borrowing costs. The yen's weakness is linked chiefly to Japan's lower interest rates, alongside demographic, productivity and energy-import challenges.

The United States and Japan jointly intervened in foreign-exchange markets to support the yen after it fell to a fresh 40-year low, marking their first coordinated action since 2011. Japan may have sold nearly $59bn in US dollars, while a note suggested possible US purchases of $5bn-$10bn in yen. Officials said they would consider further interventions to curb excessive volatility and protect the global economy, while analysts said the prospect of continued action could deter speculators. The yen's weakness reflects Japan's lower interest rates, shrinking workforce, low productivity and dependence on dollar-priced energy imports.

Shein reported a $99m loss in the first quarter, compared with $395m in profit a year earlier, as the removal of the US de minimis tariff exemption reduced sales and increased costs. The fast-fashion company is considering higher US prices and also cited disruption linked to the Iran war. Its results included a $328m paper loss from an accounting change involving investor shares. Despite the loss, active customers rose to 281 million and orders exceeded one billion. Shein has received Chinese regulatory approval for a planned Hong Kong IPO after unsuccessful listing attempts in New York and London.

China condemned the UK’s decision to nationalise British Steel, arguing it infringes upon the rights of the company’s Chinese owner, Jingye Group, and undermines confidence in Chinese investment. The UK government said public ownership is necessary to safeguard jobs and maintain essential steelmaking capability, after new legislation enabled intervention in industries deemed to serve the public interest. The move comes amid significant financial losses at the Scunthorpe plant and ahead of Andy Burnham’s arrival as prime minister, with both countries watching potential economic and diplomatic repercussions.

China condemned the UK government’s decision to nationalise British Steel, arguing it violated the rights of owner Jingye Group and undermined Chinese investor confidence. The UK defended the move as necessary to protect jobs and preserve a key industrial capability after Parliament approved legislation enabling public ownership of the steel industry. Jingye is seeking compensation, while Beijing warned it would monitor developments and support its firms. The nationalised Scunthorpe plant continues to incur heavy daily costs, with ministers acknowledging the government must cover near‑term operating expenses as future strategy decisions approach for the incoming prime minister.

China’s economy grew 4.3% in the second quarter, falling below Beijing’s annual target and declining from the previous quarter, driven by weak domestic demand and the impact of the Iran conflict on oil prices. Despite a surge in June exports, including strong growth in semiconductors and electric vehicles, real estate prices continued to fall and economic imbalances persisted. Officials highlighted rising external uncertainties as China faces its lowest quarterly growth since late 2022.

China’s GDP growth slowed to 4.3% in the second quarter, falling short of the government’s 4.5%–5% target as domestic weakness and higher oil prices linked to the Iran war weighed on the economy. Strong export performance, particularly in semiconductors and electric vehicles, contrasted with a soft property market and weak consumer spending. Retail sales improved slightly while new home prices continued to decline. Customs data showed a surge in tech-related exports driven by global AI demand.

Donald Trump reported more than 1.4 billion dollars in cryptocurrency-related income during the first year of his second term, largely from Celebration Coins and World Liberty Financial, raising renewed questions about conflicts of interest. The White House denied any impropriety, stating that Trump’s assets are in a trust and emphasizing his goal of making the United States a global cryptocurrency hub. Additional disclosures show substantial earnings from real estate, branded consumer products, legal settlements, and ventures linked to his family. Experts highlighted the unusual scale of his financial gains compared with past presidents, while regulatory shifts under SEC Chairman Paul Atkins signaled a crypto-friendly environment.

Donald Trump reported more than one billion dollars in cryptocurrency-related income for 2025, largely from his mem token and the company World Liberty Financial. His earnings from digital assets surpassed those from his real estate holdings. The White House denied any conflict of interest and emphasized the administration’s support for the crypto sector, including legislation positioning the US as a leader in digital assets. Additional income came from branded merchandise, legal settlements, and Melania Trump’s film and NFT ventures. Trump’s reported wealth increased significantly according to Forbes and Bloomberg indexes.