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USD/JPY remains one of the key focal points across FX markets as the pair continues to trade near the psychologically important 160.00 level. Investors remain alert to the possibility of official Japanese intervention should the pair break higher, while expectations for further Bank of Japan policy normalisation continue to build.

Markets remained cautious as geopolitical tensions, elevated oil prices, and rising bond yields kept inflation concerns in focus, while hopes of regional de-escalation provided some support to risk sentiment.

Global equities climbed to fresh highs as demand for AI-linked stocks continued to dominate market sentiment. The MSCI All Country World Index rose to a record, while Asian equities gained 0.7% and chipmakers reached new peaks after the Philadelphia Semiconductor Index hit an all-time high.