Morgan Stanley raised its price target on Micron Technology (MU.O) to $1,200 from $1,050 and maintained an Overweight rating. The bank lifted its FY2027 EPS estimate by about 40% to $168 a share and raised its free cash flow forecast to $140bn from $104bn. Morgan Stanley, aligned with Micron management, said AI will drive DRAM demand to materially outstrip supply after 2027. Micron’s most recent quarter conformed to this trend and both results and guidance show significant upside.

Yen weakness, despite policy efforts to halt the fall, could lift aggregate profits at Japanese automakers by about ¥934bn (≈$5.8bn) if the currency stays near current levels. Toyota’s May guidance assumes $1=¥150 versus the current ~¥161; Toyota estimates each ¥1 depreciation boosts its operating profit by ¥50bn, implying a substantial benefit from continued yen weakness. Other OEM assumptions are more conservative: Honda $1=¥145, Nissan $1=¥150, Subaru and Mazda $1=¥155. In yuan terms of input costs, raw material and energy prices in yen have fallen more than 30% from late‑April peaks after the US‑Iran peace agreement. Analyst Tatsuo Yoshida says the recent developments could be materially positive for firms that already factored Middle East risks into forecasts and that lower gasoline prices may help consumer confidence and support vehicle demand.

UK government to restrict duty-free steel imports, cutting the overall quota by 51% versus previous steel safeguard measures; imports above the quota will face a 50% tariff.