🌅 Morning Update – 25.09.2025 📈 Asia-Pacific markets opened with modest gains: 🇨🇳 China +0.50–0.70% 🇦🇺 AU200.cash +0.45% 🇯🇵 JP225 +0.17% 🇸🇬 SG20cash +0.15% 🏦 Fed’s Mary Daly backed more rate cuts but avoided giving a timeline, stressing a data-dependent approach. She noted slower growth and hiring, with inflation mainly linked to tariffs. Last week’s cut was described as “insurance,” while recession risks remain low. 🇯🇵 From the BoJ side, July minutes showed members leaning toward further hikes if economic activity and prices meet forecasts. Some urged faster tightening and a move toward more neutral assets. Former BoJ board member Makoto Sakurai even suggested rates could rise as early as October, with up to 100 bps of hikes over the next 2.5 years, peaking near 1.5% by 2028. 📊 Japan’s August services PPI slowed to +2.7% y/y (vs. 2.9% expected). 🗣️ Up to seven Fed officials will speak today (Williams, Goolsbee, Bowman, Barr, Logan, Daly, Schmid), and traders will closely watch their remarks ahead of the October and December meetings. 🇨🇳 Meanwhile, China’s central bank underlined plans to expand yuan bond internationalisation. Measures include broader collateral use in HK/global markets, higher Swap Connect limits, repo access, and futures on Chinese government bonds. The onshore market is already worth 192 trillion CNY but foreign ownership remains just 2%. 💡 Stay tuned with NordFX – your edge in the global markets!