The yen's rescue kept moving through the weekend. New York's Friday session closed with the dollar down near 157.40 yen, its strongest level since early May, after the US Treasury made its first direct yen-buying intervention alongside Tokyo in more than a decade — a level well past Thursday's confirmed 160.24 close and further evidence this week's currency operation isn't finished playing out. Kumamoto's earthquake recovery, meanwhile, moved from rescue into a harder phase: the confirmed death toll holds at 36, but the tally of damaged homes has more than doubled since Friday, and forecasters are now warning residents to stay alert for aftershocks that could still register as high as intensity-7 in the quake zone.
Apple's own earnings reversal added a fresh wrinkle to the memory-chip story that has driven so much of Japan's market this week. The iPhone maker beat on both revenue and profit Thursday, then fell hard enough after hours to slip back out of the $5 trillion club — a reminder that the same memory-cost pressure squeezing device makers' margins is the exact tailwind that sent Kioxia's own profit up nearly 46-fold this week.
Tokyo re-opens Monday with the Nikkei sitting at a confirmed 64,362.02 as of Friday's close and a fresh wave of earnings on deck. Mitsubishi UFJ Financial Group, Mitsubishi Corporation, Itochu, Marubeni and Yamato Holdings report Monday; Toyota, SoftBank Corp, Nippon Steel and Mitsubishi Heavy Industries follow Tuesday. The BOJ publishes its Summary of Opinions from last week's meeting on Wednesday, and the US jobs report for July lands the following Friday — the next real test of whether this week's whiplash has settled or is still finding its level.
Washington's yen intervention becomes its most direct in over a decadeThe US Treasury bought yen directly on Friday, with the New York Fed selling euros for yen on Washington's behalf through Goldman Sachs and Morgan Stanley — the first time the US has intervened alongside Japan since the coordinated 2011 G7 response to Japan's earthquake and tsunami, according to CNBC, citing the Financial Times. Treasury Secretary Bessent was photographed during a Friday cabinet meeting with a "to-do list" suggesting Washington was weighing $5–10 billion in yen purchases, and the pair closed New York trading at 157.40 to the dollar, its strongest level since early May, according to Fortune. The degree of US-Japan coordination is now, by Fortune's description, the tightest in decades — raising the stakes materially for anyone still positioned short the yen heading into Monday.
Kumamoto's damage tally more than doubles as forecasters warn the aftershocks aren't overThe confirmed death toll from the July 28 magnitude-7.1 earthquake remains at 36, with more than 9,000 evacuees still sheltering across 229 sites as of Saturday, according to the Japan Times. A fresh damage survey put confirmed housing damage at 3,649 buildings, more than double the count from the previous day, as inspectors work through backlogged assessments, according to Yahoo Japan. Separately, NHK reported the region's seismic activity remains elevated enough that residents should stay alert for aftershocks as strong as intensity-7, even as dangerous heat complicates both the search effort and daily life in the shelters, according to NHK.
Apple beats on both lines, then falls out of the $5 trillion club anywayApple reported fiscal third-quarter earnings per share of $2.02 against a $1.89 estimate and revenue of $109.42 billion against $108.86 billion expected, then fell roughly 6.65% after hours to $311.25 from a $333.43 regular-session close as investors focused on slower growth guidance and margin pressure ahead, according to Investing.com's earnings call transcript. The drop pulled Apple's market capitalization back under the $5 trillion mark it had only just crossed for the first time days earlier, according to the Motley Fool. The same memory-cost inflation squeezing Apple's device margins is the direct mirror image of the windfall Kioxia and the rest of Japan's chip complex have been riding all week — one supply chain, two very different income statements.
Monday reopens Tokyo with a fresh earnings wave and two more catalysts already on the calendarMitsubishi UFJ Financial Group, Mitsubishi Corporation, Itochu, Marubeni and Yamato Holdings are scheduled to report Monday, with Toyota, SoftBank Corp, Nippon Steel and Mitsubishi Heavy Industries following Tuesday, per Investing.com's earnings calendar. The BOJ's Summary of Opinions from last week's meeting publishes Wednesday, and the US July jobs report lands the following Friday, August 7 — both scheduled tests of whether this week's currency and earthquake shocks have fully worked through the system.