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Business News›Markets›US Stocks›Wall St Guide›Dow Jones| Nasdaq | S&P 500 | US Stock Market Today |Highlights: US stocks slip as higher Treasury yields weigh on sentiment LIVE BLOG US stocks end mixed as oil stays above $100. Synopsis US Market | Dow Jones Highlights: US stocks ended mixed on Friday as Treasury yields topped 5% and crude stayed above $100 a barrel, keeping inflation concerns in focus. The S&P 500 and Nasdaq rose, helped by semiconductor gains, while the Dow fell. Investors tracked the Fed's rate outlook and corporate moves amid caution on Friday. US stocks ended mixed as Treasury yields topped 5% and crude prices stayed above $100 a barrel, keeping inflation concerns in focus. The S&P 500 and Nasdaq gained, helped by semiconductor stocks, while the Dow fell as investors remained cautious after the Fed's rate hike amid Friday trading. Show more 1 New Update S&P 500 gained 11.53 points, or 0.12%, to end at 7,647.19 points, while the Nasdaq Composite gained 92.72 points, or 0.35%, to 26,511.01. The Dow Jones Industrial Average fell 114.74 points, or 0.22%, to 51,663.30. Read more US Treasury Secretary Scott Bessent will meet Chinese Vice Premier He Lifeng in New York City ahead of an upcoming summit between President Donald Trump and Chinese President Xi Jinping. The weekend talks will focus on artificial intelligence, bilateral trade, rare earth minerals, and broader economic matters. Bessent noted that discussions will specifically address open-weight and closed-weight AI models, highlighting the global technological race between both nations. The dialogue comes amid growing scrutiny over American adoption of Chinese artificial intelligence solutions. Chinese open-weight models have gained traction among US businesses and government agencies seeking cost-effective alternatives to domestic closed-weight systems from developers like OpenAI and Anthropic. The inclusion of rare earths on the agenda further underscores the strategic importance of critical minerals to technology supply chains. According to Bloomberg, California Governor Gavin Newsom signed an executive order directing a state working group to draft artificial intelligence safety guidelines within two months. The directive instructs the group to evaluate mandatory safety requirements for tech companies, including the creation of an emergency kill switch for advanced models and independent safety plan reviews. Newsom emphasized the need for swift state action on AI oversight, citing a lack of movement on federal regulations in Washington. The initiative comes as leading AI developers like OpenAI express support for flexible safeguards, while smaller startups warn that heavy regulation could stifle competition and favor dominant industry players. Other state leaders, including Pennsylvania Governor Josh Shapiro, have similarly called for stronger oversight, creating a growing state-level push for safety protocols as federal legislation remains stalled. The dollar is heading toward its best weekly performance in three months following the Federal Reserve's first interest rate hike in more than three years. The Bloomberg Dollar Spot Index jumped roughly 1.1% over the week, fueled by steady domestic economic growth and clear signals from central bank leadership that additional rate increases are ahead. Analyst perspectives from major financial institutions suggest the move eliminated a key barrier to buying the greenback, setting up potential further gains against lower-yielding global currencies. Berkshire Hathaway is entering a closely watched new chapter, with Howard Buffett set to become chairman of the $1.1 trillion conglomerate, succeeding his father Warren Buffett, who will become chairman emeritus, according to Reuters. Read more Bank of America strategists are advising investors to prepare for Federal Reserve interest rates to exceed 5%, drawing comparisons to the aggressive 2022 tightening cycle. The team noted that the interest rate market is underestimating the central bank's potential peak, pointing to remarks from Chairman Kevin Warsh that suggest officials do not yet consider current monetary policy restrictive enough to tame inflation. To position for further rate increases, the strategists recommend shorting two-year Treasuries and targeting yields of 5.25%. Relying on economic models like the Taylor rule, they expect the central bank to keep raising borrowing costs until financial conditions clearly tighten, leading to a flatter yield curve as short-term yields outpace longer maturities. Individual investor confidence has plunged to its lowest level since May 2025 following high oil prices and the Federal Reserve's first interest rate hike since 2023. According to the latest survey by the American Association of Individual Investors, over 53% of respondents reported feeling bearish, while bullish sentiment dropped to a one-year low of under 29%. The steep decline in optimism has pushed the spread between bulls and bears unusually low for a ninth straight week, even as the S&P 500 remains near record highs. Driven by recent market volatility, more than half of surveyed investors reported holding larger cash reserves than usual as a protective measure against further downside. Westinghouse Electric Company is aiming for a valuation exceeding $50 billion in its upcoming US initial public offering, according to sources familiar with the plan. Jointly owned by Brookfield Renewable Partners and Cameco, the nuclear reactor technology provider could make its public filing as soon as October. Citigroup and Goldman Sachs are leading the listing alongside several major banking partners. The planned public offering comes during a surge of interest in power infrastructure to support artificial intelligence data centers and nuclear energy initiatives. However, Westinghouse faces a cautious market, as several recent nuclear and energy infrastructure IPOs have struggled below their listing prices. Copper prices secured an 11th weekly advance in twelve weeks, driven by signs of recovering demand in China that helped offset concerns over higher US interest rates. Benchmark futures on the London Metal Exchange rose to $14,521.50 a metric ton, backed by Shanghai import premiums climbing to their highest levels since late 2022 alongside a slight dip in Chinese domestic production. The metal has gained nearly 17% this year, largely bolstered by US buyers rushing to import refined copper ahead of potential tariffs from the Trump administration. While Federal Reserve rate hikes typically dampen industrial metal demand, strong supply concerns and tariff speculation continue to support prices within a elevated range. - Angelo Kourkafas, senior global strategist, investment strategy, at Edward Jones Prominent New York law firm Weil, Gotshal & Manges is evaluating its strategic options, including a possible merger with a competitor. The consideration comes after a wave of high-profile departures, including top M&A partner Michael Aiello and several other senior lawyers who left for rival firms Cravath and Sullivan & Cromwell. While senior leaders have held informal talks to gauge merger interest, the firm is also exploring lateral hires and internal promotions to remain independent. Founded in 1931, the 1,200-lawyer firm is widely recognized for its top-tier bankruptcy, restructuring, and corporate practices. Firm leadership is currently surveying partners to determine the best path forward to protect its market standing. Weil Gotshal has not publicly commented on the potential merger discussions. Veteran oil executive Ali Moshiri says Venezuelan state oil company PDVSA is stalling his plans to invest $2 billion into the country's energy sector. Despite securing backing from investors and lining up capital to boost production and repair port infrastructure, Moshiri's proposals face a lack of urgency in Caracas. He is traveling to Venezuela to seek face-to-face meetings with officials to advance the deals. Moshiri, who previously ran Chevron's operations in the country, aims to establish joint ventures with PDVSA rather than short-term production agreements. While the US administration is encouraging domestic firms to revive Venezuelan oil production, Moshiri warns that rebuilding the nation's energy industry requires long-term infrastructure planning rather than quick, opportunistic deals. - Matt Maley at Miller Tabak Walt Disney Company has hired Karandeep Anand as its first corporate chief technology officer. Anand, who previously led the chatbot startup Character.AI and held senior executive roles at Microsoft and Facebook, will oversee technology across the entire enterprise for the first time in the company's history. The appointment aligns with strategy under new Chief Executive Officer Josh D'Amaro, who is prioritizing tech-driven expansion. D'Amaro plans to transform Disney+ into an interactive platform encompassing video games and digital experiences alongside traditional streaming content. American energy firms added oil and gas rigs for a second consecutive week, marking the first back-to-back weekly increase since July. According to a Friday report from energy services company Baker Hughes, the rise signals a brief pause in the broader drilling slowdown. NASA has awarded SpaceX three additional crewed flights to the International Space Station through a $946 million contract modification. The agreement covers all three missions along with their associated mission services. This contract extension pushes the total performance period through 2030. With the new addition, the total value of SpaceX's Commercial Crew Transportation Capability contract with NASA stands at $5.92 billion. Monetary policy has been the prime focus this week, as the war in the Middle East nears the seven-month mark with few signs of ending, which is keeping oil prices above $100 per barrel and fanning inflation fears. That has also led to a rise in yields across major government bond markets. The yen weakened and Japanese government bonds fell after the Bank of Japan raised rates to a 31-year high of 1.25%. The decision, though expected, excited yen bears with two board members dissenting to the hike. The Federal Reserve raised rates for the first time in three years on Wednesday and switched to a more aggressive stance on inflation, which knocked the yen, putting it on course for its worst weekly performance against the dollar in two years, down 2.6%. The Bank of England on Thursday left UK rates unchanged but said it may have to hike if the Iran war drags on. The European Central Bank last week also flagged the need for further tightening as it raised rates. And Australia's top central banker on Friday said some of the upside risks to inflation flagged by policymakers appeared to be materialising. US factory production unexpectedly fell in August and higher oil prices and rising interest rates could offset some of the support from an artificial intelligence buildout, likely keeping activity moderate for the rest of the year. The decline in output, reported by the Federal Reserve on Friday, followed seven straight months of increases. Manufacturing output dropped 0.3% last month following an unrevised 0.2% rise in July. Production in the sector, which accounts for about 9.4% of the economy, received a boost in prior months as businesses rushed orders to avoid shortages and higher prices from the escalation of the war in the Middle East. Motor vehicles and parts production decreased 1.2%, notching a second straight monthly decline. Output of computers and peripheral equipment fell 1.4%, but was up 5.5% on a year-over-year basis. Production of communications equipment increased 0.8%. Though the output of semiconductors and related electronic components dipped 0.1%, this category was up 12.4% from a year ago. Japanese authorities conducted rate checks in the currency market, the Nikkei newspaper reported, triggering a sharp rise in the yen. The report came after the currency's slide despite the Bank of Japan's decision on Friday to raise interest rates to a 31-year high of 1.25%. - Motley Fool Asset Management's Chief Investment Strategist Bill Mann - Ben Snider, chief US equity strategist at Goldman Sachs Investor anxiety over France's fiscal deficits and upcoming elections sent the risk premium on French government bonds to its highest level since the eurozone debt crisis. The spread between French and German ten-year yields topped a full percentage point, with French benchmark yields rising to 4.456%. The market selloff was fueled by climbing global energy prices and fears that the French government will fail to rein in its debt ahead of next year's presidential vote. Rising default insurance costs and growing protests over high fuel prices have further eroded market confidence. Investors remain hesitant to buy French debt despite planned spending cuts, causing French bank shares and the CAC index to drop. Orion180 Insurance achieved a $1.14 billion valuation on Friday as its stock opened at $11.50, falling below its downsized initial public offering price of $12 per share. The Florida-based homeowners insurer raised $240 million in the float, pricing well beneath its original target range of $15 to $17 per share. The sluggish public debut reflects a rocky start to the autumn listing market, driven by higher interest rates and cautious investor sentiment. Orion180's performance serves as an early test for the insurance sector, with market observers watching closely ahead of planned listings from industry peers like Bamboo Insurance Services. An auto industry coalition is urging President Donald Trump to permanently ban Chinese vehicles and connected software from the US market. Fearing severe threats to American jobs and national security, automakers are pressing the White House and Congress for strict, lasting legal protections ahead of an upcoming summit with Chinese President Xi Jinping. Corpay, Inc. has agreed to a proposed $100 million settlement with the Federal Trade Commission to resolve an ongoing regulatory matter. The agreement includes no admission of wrongdoing, and CEO Ron Clark is not subject to any financial payment under the terms. The company stated that it does not expect the settlement to have a material impact on its financial results or ongoing business operations. Treasury prices fell and yields jumped after the Federal Reserve raised interest rates and signaled that more hikes are likely this year. The selloff was led by two- to five-year notes, pushing two-year yields to 4.74%, their highest point since July 2024. Market sentiment shifted as investors began placing heavy bets that short-term yields will continue to rise. Wall Street strategists are actively encouraging traders to position for higher short-term rates and a flatter yield curve. Bank of America recommended betting that two-year rates will rise to 5.25%, noting that front-end yields will keep climbing until monetary policy clearly becomes restrictive enough to slow the economy. The Federal Reserve's top regulatory official said on Friday that an overhaul of the US central bank's "stress test" of big banks will make the process more transparent and the results more predictable for lenders, handing the industry long-sought reforms to the exam process. Read more - BlackRock has been chosen as the preferred manager for BpfBouw, a Dutch construction industry pension fund with nearly 70 billion euros in assets. BpfBouw selected the asset manager for its international scale, strong execution capabilities, and shared focus on socially responsible investing. The deal is not yet finalized, as both parties are currently negotiating the specific terms of the agreement. - The opportunity opened up after BpfBouw's previous manager, APG, decided to stop handling external funds. Winning this mandate provides a key boost for BlackRock in the Netherlands, where it recently faced setbacks after two other major Dutch pension funds cut ties over sustainability and strategy concerns. Rise Smart Group Holdings Limited has filed with the U.S. Securities and Exchange Commission to withdraw its U.S. initial public offering plans. The company had previously filed for the U.S. IPO in May 2024. - Anthropic has built a wet lab in the San Francisco Bay Area to test artificial intelligence in real-world biology. By combining its Claude model with robotic automation, the startup aims to run automated experiments targeting neglected rare diseases. This expansion forms the core of its growing life sciences division, supported by recent software tools and strategic acquisitions. - The startup plans to focus purely on early preclinical work rather than competing directly with pharmaceutical partners. By stopping short of clinical trials, Anthropic hopes to lower industry friction while balancing its ambitious commercial targets with safety concerns surrounding biological AI applications. The yen sank to a two-week low against the dollar on Friday after two policy makers at the Bank of Japan dissented from a widely expected decision to raise interest rates, raising doubt among traders about the likelihood of further hikes. Read more The benchmark S&P 500 and the tech-heavy Nasdaq indexes opened slightly higher on Friday, while the Dow was flat as investors digested conflicting signals from lower oil prices and higher Treasury yields. Read more New York Stock Exchange withdraws alerts from its daily premarket update that inadvertently tag BlackRock, Citigroup, Intercontinental Exchange and Grupo Televisa in connection with Warren Buffett stepping down as Berkshire Hathaway chairman. The alerts were published in error, and there will be no substitute. Xenon Pharmaceuticals fell nearly 27% in premarket trading after temporarily pausing enrolment in trials for an experimental treatment for major and bipolar depression following reports of side effects. Berkshire Hathaway said Warren Buffett would step down as chairman and become chairman emeritus. Alphabet and Nvidia gained about 2.5% and 0.7%, respectively, while Apple edged higher. Markets also reassessed expectations for artificial intelligence demand after several industry executives called for a slowdown in technology development. With the next earnings season still about a month away, comments from corporate executives provided an early indication of business conditions. Goldman Sachs' Ben Snider said strong S&P 500 earnings growth had raised concerns about an "earnings bubble". Investors continued to assess the outlook for US interest rates following a busy week for markets. The Federal Reserve raised interest rates, while Chair Kevin Warsh commented on the future path of borrowing costs. Investors also assessed corporate commentary from industry conferences for signs about economic and business conditions. Crude prices fell for a third straight session, with Brent and US West Texas Intermediate futures down nearly 2% each. Markets largely looked past supply concerns despite fresh strikes between Saudi Arabia and Yemen's Iran-backed Houthis. The decline in crude prices eased some concerns about inflation and the impact of the Middle East supply shock. US stock futures moved higher on Friday, with Nasdaq 100 futures leading gains as a decline in oil prices eased inflation concerns. Dow E-minis rose 0.12%, S&P 500 E-minis gained 0.23% and Nasdaq 100 E-minis advanced 0.5% at 6:43 a.m. ET. The tech-heavy Nasdaq was on course for weekly gains.
Business News›Markets›US Stocks›Wall St Guide›Dow Jones| Nasdaq | S&P 500 | US Stock Market Today |Highlights: US stocks slip as higher Treasury yields weigh on sentiment LIVE BLOG US stocks end mixed as oil stays above $100. Synopsis US Market | Dow Jones Highlights: US stocks ended mixed on Friday as Treasury yields topped 5% and crude stayed above $100 a barrel, keeping inflation concerns in focus. The S&P 500 and Nasdaq rose, helped by semiconductor gains, while the Dow fell. Investors tracked the Fed's rate outlook and corporate moves amid caution on Friday. US stocks ended mixed as Treasury yields topped 5% and crude prices stayed above $100 a barrel, keeping inflation concerns in focus. The S&P 500 and Nasdaq gained, helped by semiconductor stocks, while the Dow fell as investors remained cautious after the Fed's rate hike amid Friday trading. Show more 1 New Update S&P 500 gained 11.53 points, or 0.12%, to end at 7,647.19 points, while the Nasdaq Composite gained 92.72 points, or 0.35%, to 26,511.01. The Dow Jones Industrial Average fell 114.74 points, or 0.22%, to 51,663.30. Read more US Treasury Secretary Scott Bessent will meet Chinese Vice Premier He Lifeng in New York City ahead of an upcoming summit between President Donald Trump and Chinese President Xi Jinping. The weekend talks will focus on artificial intelligence, bilateral trade, rare earth minerals, and broader economic matters. Bessent noted that discussions will specifically address open-weight and closed-weight AI models, highlighting the global technological race between both nations. The dialogue comes amid growing scrutiny over American adoption of Chinese artificial intelligence solutions. Chinese open-weight models have gained traction among US businesses and government agencies seeking cost-effective alternatives to domestic closed-weight systems from developers like OpenAI and Anthropic. The inclusion of rare earths on the agenda further underscores the strategic importance of critical minerals to technology supply chains. According to Bloomberg, California Governor Gavin Newsom signed an executive order directing a state working group to draft artificial intelligence safety guidelines within two months. The directive instructs the group to evaluate mandatory safety requirements for tech companies, including the creation of an emergency kill switch for advanced models and independent safety plan reviews. Newsom emphasized the need for swift state action on AI oversight, citing a lack of movement on federal regulations in Washington. The initiative comes as leading AI developers like OpenAI express support for flexible safeguards, while smaller startups warn that heavy regulation could stifle competition and favor dominant industry players. Other state leaders, including Pennsylvania Governor Josh Shapiro, have similarly called for stronger oversight, creating a growing state-level push for safety protocols as federal legislation remains stalled. The dollar is heading toward its best weekly performance in three months following the Federal Reserve's first interest rate hike in more than three years. The Bloomberg Dollar Spot Index jumped roughly 1.1% over the week, fueled by steady domestic economic growth and clear signals from central bank leadership that additional rate increases are ahead. Analyst perspectives from major financial institutions suggest the move eliminated a key barrier to buying the greenback, setting up potential further gains against lower-yielding global currencies. Berkshire Hathaway is entering a closely watched new chapter, with Howard Buffett set to become chairman of the $1.1 trillion conglomerate, succeeding his father Warren Buffett, who will become chairman emeritus, according to Reuters. Read more Bank of America strategists are advising investors to prepare for Federal Reserve interest rates to exceed 5%, drawing comparisons to the aggressive 2022 tightening cycle. The team noted that the interest rate market is underestimating the central bank's potential peak, pointing to remarks from Chairman Kevin Warsh that suggest officials do not yet consider current monetary policy restrictive enough to tame inflation. To position for further rate increases, the strategists recommend shorting two-year Treasuries and targeting yields of 5.25%. Relying on economic models like the Taylor rule, they expect the central bank to keep raising borrowing costs until financial conditions clearly tighten, leading to a flatter yield curve as short-term yields outpace longer maturities. Individual investor confidence has plunged to its lowest level since May 2025 following high oil prices and the Federal Reserve's first interest rate hike since 2023. According to the latest survey by the American Association of Individual Investors, over 53% of respondents reported feeling bearish, while bullish sentiment dropped to a one-year low of under 29%. The steep decline in optimism has pushed the spread between bulls and bears unusually low for a ninth straight week, even as the S&P 500 remains near record highs. Driven by recent market volatility, more than half of surveyed investors reported holding larger cash reserves than usual as a protective measure against further downside. Westinghouse Electric Company is aiming for a valuation exceeding $50 billion in its upcoming US initial public offering, according to sources familiar with the plan. Jointly owned by Brookfield Renewable Partners and Cameco, the nuclear reactor technology provider could make its public filing as soon as October. Citigroup and Goldman Sachs are leading the listing alongside several major banking partners. The planned public offering comes during a surge of interest in power infrastructure to support artificial intelligence data centers and nuclear energy initiatives. However, Westinghouse faces a cautious market, as several recent nuclear and energy infrastructure IPOs have struggled below their listing prices. Copper prices secured an 11th weekly advance in twelve weeks, driven by signs of recovering demand in China that helped offset concerns over higher US interest rates. Benchmark futures on the London Metal Exchange rose to $14,521.50 a metric ton, backed by Shanghai import premiums climbing to their highest levels since late 2022 alongside a slight dip in Chinese domestic production. The metal has gained nearly 17% this year, largely bolstered by US buyers rushing to import refined copper ahead of potential tariffs from the Trump administration. While Federal Reserve rate hikes typically dampen industrial metal demand, strong supply concerns and tariff speculation continue to support prices within a elevated range. - Angelo Kourkafas, senior global strategist, investment strategy, at Edward Jones Prominent New York law firm Weil, Gotshal & Manges is evaluating its strategic options, including a possible merger with a competitor. The consideration comes after a wave of high-profile departures, including top M&A partner Michael Aiello and several other senior lawyers who left for rival firms Cravath and Sullivan & Cromwell. While senior leaders have held informal talks to gauge merger interest, the firm is also exploring lateral hires and internal promotions to remain independent. Founded in 1931, the 1,200-lawyer firm is widely recognized for its top-tier bankruptcy, restructuring, and corporate practices. Firm leadership is currently surveying partners to determine the best path forward to protect its market standing. Weil Gotshal has not publicly commented on the potential merger discussions. Veteran oil executive Ali Moshiri says Venezuelan state oil company PDVSA is stalling his plans to invest $2 billion into the country's energy sector. Despite securing backing from investors and lining up capital to boost production and repair port infrastructure, Moshiri's proposals face a lack of urgency in Caracas. He is traveling to Venezuela to seek face-to-face meetings with officials to advance the deals. Moshiri, who previously ran Chevron's operations in the country, aims to establish joint ventures with PDVSA rather than short-term production agreements. While the US administration is encouraging domestic firms to revive Venezuelan oil production, Moshiri warns that rebuilding the nation's energy industry requires long-term infrastructure planning rather than quick, opportunistic deals. - Matt Maley at Miller Tabak Walt Disney Company has hired Karandeep Anand as its first corporate chief technology officer. Anand, who previously led the chatbot startup Character.AI and held senior executive roles at Microsoft and Facebook, will oversee technology across the entire enterprise for the first time in the company's history. The appointment aligns with strategy under new Chief Executive Officer Josh D'Amaro, who is prioritizing tech-driven expansion. D'Amaro plans to transform Disney+ into an interactive platform encompassing video games and digital experiences alongside traditional streaming content. American energy firms added oil and gas rigs for a second consecutive week, marking the first back-to-back weekly increase since July. According to a Friday report from energy services company Baker Hughes, the rise signals a brief pause in the broader drilling slowdown. NASA has awarded SpaceX three additional crewed flights to the International Space Station through a $946 million contract modification. The agreement covers all three missions along with their associated mission services. This contract extension pushes the total performance period through 2030. With the new addition, the total value of SpaceX's Commercial Crew Transportation Capability contract with NASA stands at $5.92 billion. Monetary policy has been the prime focus this week, as the war in the Middle East nears the seven-month mark with few signs of ending, which is keeping oil prices above $100 per barrel and fanning inflation fears. That has also led to a rise in yields across major government bond markets. The yen weakened and Japanese government bonds fell after the Bank of Japan raised rates to a 31-year high of 1.25%. The decision, though expected, excited yen bears with two board members dissenting to the hike. The Federal Reserve raised rates for the first time in three years on Wednesday and switched to a more aggressive stance on inflation, which knocked the yen, putting it on course for its worst weekly performance against the dollar in two years, down 2.6%. The Bank of England on Thursday left UK rates unchanged but said it may have to hike if the Iran war drags on. The European Central Bank last week also flagged the need for further tightening as it raised rates. And Australia's top central banker on Friday said some of the upside risks to inflation flagged by policymakers appeared to be materialising. US factory production unexpectedly fell in August and higher oil prices and rising interest rates could offset some of the support from an artificial intelligence buildout, likely keeping activity moderate for the rest of the year. The decline in output, reported by the Federal Reserve on Friday, followed seven straight months of increases. Manufacturing output dropped 0.3% last month following an unrevised 0.2% rise in July. Production in the sector, which accounts for about 9.4% of the economy, received a boost in prior months as businesses rushed orders to avoid shortages and higher prices from the escalation of the war in the Middle East. Motor vehicles and parts production decreased 1.2%, notching a second straight monthly decline. Output of computers and peripheral equipment fell 1.4%, but was up 5.5% on a year-over-year basis. Production of communications equipment increased 0.8%. Though the output of semiconductors and related electronic components dipped 0.1%, this category was up 12.4% from a year ago. Japanese authorities conducted rate checks in the currency market, the Nikkei newspaper reported, triggering a sharp
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