ING analyst Chris Turner said in a note that although last Friday’s much-watched intervention did not materialize, Japanese authorities may still act later this month to support the yen. Quiet US-holiday trading left USD/JPY back above 162, and Tokyo’s inaction could signal a desire to conserve limited FX reserves. Turner flagged July 16-17 as the next potential intervention window ahead of Japan’s July 20 public holiday.

China A-share lab-grown diamond sector rallied: Huanghe Xuanfeng hit the daily trading limit, Huifeng Diamond jumped over 15%, and Sifangda, Guoli Electronics and Liliang Diamond also advanced.

Industrial Securities says as July ushers in the U.S.-China earnings season, relative sector momentum and relative earnings revisions remain the primary allocation signals. Sectors with strong consensus on AI compute and upstream materials — notably non-ferrous metals, chemicals and fiberglass tied to AI demand — could re-enter reallocation after earlier overseas-driven volatility as Chinese 1H earnings previews arrive. Several companies in memory/storage, fiber-optic cable, liquid cooling and specialty electronic gases have issued strong 1H previews, confirming high Q2 AI-chain momentum; further previews from leading firms could be stronger catalysts. For the North American compute chain (represented by optical comms and PCB), the prior compute rally narrowed into storage and has fallen more sharply recently under overseas pressure; the A-share valuation gap between North America-linked compute leaders and domestic compute leaders has retraced to June last-year levels, a configuration signal to watch. Ahead of the U.S. earnings wave in mid-late July, the market may seek domestic low-base, quality sectors for catch-up, notably the lithium battery supply chain, innovative drugs, brokerages, agrochemicals, refining & petrochemicals, and poultry (broilers).