🌅 Morning Update | 23 December 2025

🥇 Gold & silver rally: Precious metals continue their strong upside momentum. Gold is closing in on the 4,500 USD mark, while silver approaches 70 USD. The move is driven by a softer US dollar and elevated geopolitical uncertainty.

💴 JPY leads G10: The Japanese yen is the strongest G10 currency today, gaining 0.4–0.6% against peers. The rally extended after fresh warnings from Japan’s top officials, including chief currency diplomat Atsushi Mimura and Finance Minister Satsuki Katayama, over speculative FX moves.

📈 Japan equities rise: Japanese stocks are supported by easing bond yields. The Nikkei (JP225) adds around 0.30%, trading near 50,500 points.

🗣️ Policy signals from Tokyo: Prime Minister Sanae Takaichi attempted to calm markets, underlining Japan’s high debt burden and rejecting irresponsible debt issuance or tax cuts.

🏦 US policy uncertainty: Treasury Secretary Scott Bessent added to market unease by questioning the precision of the inflation target and hinting that several potential Fed chair candidates support abandoning the dot plot.

🌍 Geopolitics in focus: Donald Trump stated that the US needs Greenland for national security, citing Russian and Chinese naval activity in the region.

🤖 Tech & AI investment: TikTok owner ByteDance is reportedly planning CNY 160 bn (USD 23 bn) in capital expenditures in 2026, up from CNY 150 bn in 2025. Around half is expected to go into advanced semiconductors, with roughly CNY 85 bn allocated specifically for AI processors.

🛰️ Space economy: Starlink’s customer base has exceeded 9 million, up from 8 million just a month ago, strengthening its role as a key revenue driver for SpaceX and funding long-term projects.

🛢️ Oil headlines: Trump also said the US may sell or retain oil seized near Venezuela, potentially using it to refill the Strategic Petroleum Reserve, while confirming that the seized vessels will remain under US control.

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