ECB executive board member Schnabel said the current shock cannot be ignored, as it has already produced indirect and potential second-round effects.

JP Morgan keeps USD/JPY target at 164 but says 164 may not be terminal over the medium-to-long term. UBS sets USD/JPY target at 165, noting further yen weakness once the threat of intervention eases. Goldman Sachs raises its one‑year USD/JPY target to 165 from 155, citing expected sustained dollar strength. Macquarie says Japanese authorities may prepare for fresh FX intervention but could wait until USD/JPY approaches about 165. RBC BlueBay warns that if the Bank of Japan does not materially change policy, USD/JPY could reach 170 or higher over the long run.

中矿资源：纳米比亚20万吨/年多金属综合循环回收项目按计划有序推进。