What’s moving the market?
Covid border controls will be abolished in Japan starting from Oct. 11 to revive the tourism industry. Individual visitors will be allowed to enter starting from next month. Taiwan visitors also no longer need to undergo its three-day quarantine around mid-October.
Japan has finally intervened to support the Yen since 1998 to stem a 20% decline against the dollar this year. The intervention was made after the Bank of Japan insisted on holding its negative-rate policy even though interest rates of multiple countries like the U.S. and U.K. have increased aggressively.
What keeps falling – copper price. Investors are selling on fear that a global recession may stunt the demand for a metal synonymous with growth and expansion. Copper that is used in everything from computer chips to electric vehicles has fallen by nearly a third since March.