Market Information Tuesday 30 June 2026

The Japanese yen fell to 162.19 per U.S. dollar, its lowest level since 1986, prompting warnings from Japanese officials of possible intervention. Finance Minister Satsuki Katayama confirmed readiness for decisive action. According to Nomura’s Julia Wang, any intervention would likely have a short-lived market impact, as wide interest rate differentials continue to favour carry trades that weaken the yen. The Bank of Japan (BoJ) recently raised its benchmark rate to 1%, the highest since 1995.

According to a new McKinsey study, production costs in Europe are significantly higher than in China across many sectors, with gaps ranging from 40% for semiconductors and batteries to three to four times more for electric vehicles. China’s annual expansion of manufacturing capital is estimated at three to five times that of the US and Europe combined. Even under optimistic assumptions, reforms such as deregulation, smarter location choices, and adopting nuclear energy would only close 30% to 60% of the cost gap.

Europe’s largest banks, represented by the Association for Financial Markets in Europe (AFME), are urging regulators not to intervene in equity markets. AFME warns that tightening rules on off-exchange trading could damage liquidity and leave investors worse off. The European Securities and Markets Authority (ESMA) raised the prospect of regulatory measures following a decline in on-exchange trading activity. AFME argues that any future action should be evidence-based and that restricting trade execution options is unlikely to support competitive, simplified markets.

The 6M Euribor decreased with 1 basis point to 2.60% compared to previous business day. The 10Y Swap is unchanged at 2.91% compared to previous business day.

In the attachment, today’s market data on money and capital market rates as well as other rates are presented.