UK preliminary June manufacturing PMI 53.1, consensus 53.5, previous 53.9.

The Ministry of Agriculture and Rural Affairs and the National Development and Reform Commission convened major hog-producing provinces and large hog producers to assess current live-hog production and to steer routine, targeted capacity controls aimed at returning hog prices to reasonable levels. Officials said prices have bottomed and stabilised but demanded continued, tightened comprehensive capacity-control measures to improve the supply-demand balance and cement the price recovery. Large producers were ordered to improve the quality of production statistics and monitoring-data reporting, take the lead in reducing capacity and output, strictly curb secondary re-fattening, cull weak piglets and lower slaughter weights. Major producing provinces were instructed to strengthen oversight and monitoring-data sharing, finalise and implement provincial capacity-control plans and continue substantive capacity reductions.

KATAYAMA said she held a phone call with US Treasury Secretary BESSENT; the discussion briefly lifted the yen but it remains near four-decade lows. She said Tokyo and Washington have a full consensus to take bold action, including currency intervention if needed, and that bilateral cooperation and coordination have strengthened. She declined to comment on current FX levels. The roughly one-hour call, a follow-up to last week’s G7 meeting, also covered global financial-market conditions and developments around Iran and the Strait of Hormuz.