Danmarks Nationalbank intervened in FX markets last month, buying DKK700m.

On July 2 the State-owned Assets Supervision and Administration Commission (SASAC) held a special meeting directing faster industrial-structure upgrading and higher state-capital efficiency. It called for tailoring measures to develop new-quality productive capacity locally and to advance the 'three concentrations' of state capital to improve allocation and operating efficiency. SASAC prioritized creating several world-class, globally competitive industry clusters, strengthening industrial resilience and security, and closing gaps in industrial foundations to build secure, resilient supply chains. It instructed central SOEs to step up technology innovation, accelerate formation of national strategic science-and-technology capabilities, expand industry-facing basic research and frontier R&D, and forge an open, collaborative innovation ecosystem linking basic research, applied development and commercialization. The commission also stressed accelerating development of science-and-technology talent, especially in basic frontier areas and industry-common technologies.

Japan's Ministry of Finance is moving away from advance warnings of FX intervention and toward sudden, targeted operations to punish speculative yen shorts and raise the cost of betting against the currency, people familiar with the matter said. Officials are avoiding public 'line-in-the-sand' exchange-rate thresholds, increasing the risk of abrupt intervention prompted by the buildup of speculative short positions rather than by breaches of publicly cited levels. The MOF's approach, together with sustained hawkish rhetoric from the Bank of Japan, suggests coordinated action to deter yen shorting.