US 3-month Treasury auction on June 29: bid-cover ratio 2.32, prior 2.68.

China's STAR 50 Index extended gains to 2%, led by Western Superconducting, Kingsoft Office and Huahai Qingke.

The yen fell to its weakest level since 1986, sliding as far as 161.96 per dollar, down about 0.1%, breaching the 161.95 mark reached during July 2024 intervention. The drop has raised domestic concern and left traders watching closely for possible official intervention. The Bank of Japan raised its policy rate to 1% on June 16, the highest since 1995, but the move has so far had limited impact as markets expect the Federal Reserve to remain hawkish. The government plans to call for “appropriate” monetary management in its basic policy guideline, a measure that appears aimed at dissuading the BOJ from further rate hikes. Japan carried out a record FX intervention of 11.73 trillion yen earlier, and Ministry of Finance reserve data suggest Tokyo likely used foreign securities holdings, including US Treasuries, to defend the yen.