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July 31 – The US is deepening its support for Japans efforts to stabilize the yen, with the two countries coordinating in the foreign exchange market to a level not seen in decades. On Thursday, Japan appeared to have intervened by buying yen, estimated at around $53 billion; simultaneously, US authorities solicited exchange rate quotes from banks, seen by the market as a precursor to intervention. US Treasury Secretary Bessant stated that the yen was "severely undervalued" and that excessive volatility was unhealthy. Nobuyasu Atago, chief economist at Rakuten Securities Research Institute and a former Bank of Japan official, said, "Bessants influence is very important. The US is now becoming more cooperative with Japans intervention." The timing of Thursdays actions also drew market attention, occurring between the Federal Reserve and the Bank of Japans interest rate decisions, leading to speculation that monetary policy might also be part of coordination between Tokyo and Washington. On Friday, Japanese officials remained ambiguous about whether intervention would be implemented, but they clearly emphasized the coordinated support from the US. Jun Mimura, Japans top official in charge of exchange rate affairs at the Ministry of Finance, stated that the US was providing more than just "moral support." Atago said, "I cant help but feel that they are considering not only coordination on exchange rates but also tacit cooperation on monetary policy." 1. Federal Reserves Hamak: With a stable job market, the Fed should focus on inflation. The Feds interest rate policy is not tight enough. 2. According to Mysteel, lithium iron phosphate production is expected to rise to 558,600 tons in August 2026, a 5.2% increase month-on-month. Production capacity in Shandong and Sichuan continued to increase in August, but the actual output from the ramp-up still needs to be monitored. Furthermore, the demand for contract manufacturing from leading producers has further increased. 3. The Indian Meteorological Department said on Friday that after recording average rainfall in July, monsoon rainfall in India in August is likely to be below average, raising concerns about crop yields and economic growth in Asias third-largest economy. The Director General of the Indian Meteorological Department (IMD) said at a press conference that rainfall in August is likely to be 94% below the long-term average. 4. Data released by the U.S. Department of Agriculture (USDA) shows that private exporters reported selling 252,000 tons of soybeans to unknown destinations for delivery in the 2026/2027 marketing year. 5. According to Irans Tasnim News Agency, the Straits Authority of the Persian Gulf issued a statement saying that passage through the Strait of Hormuz is no longer possible due to aggressive actions by the United States. The statement said that once stability and calm are restored, all applications will be reviewed in sequence and on a time-bound basis, and permits will be issued gradually. 6. US President Trump: We will continue to launch a strong strike against Iran. 7. Israeli National Security Minister Ben-Gevill: The draft agreement released by the Peace Committee is unacceptable to Israel. 8. Federal Reserve Chairman Logan: Taking moderate action in the near term will reduce the likelihood of needing stronger action in the future. He favors raising interest rates by 25 basis points. 9. A national conference on promoting grain and material reserves was held in Beijing. The conference emphasized the need to solidly carry out all aspects of grain and material reserves work. First, efforts should be intensified to advance project construction. Second, efforts should be intensified to promote grain purchase and storage regulation. A combination of market-oriented procurement and policy-based storage should be adhered to, and various policy tools should be used in a coordinated manner to stabilize grain prices and ensure smooth sales for farmers.Hungarian Prime Minister: Hungary plans to develop 4 gigawatts of wind power capacity by 2030 to diversify its energy sources.British Foreign Secretary David Miliband: Welcomes Hamass announcement of disarmament.Alphabet (GOOG.O) rose 5.4%.