G20 Fails to Agree, Yen Surges Amid Global Turmoil

The G20 and Shanghai Cooperation Council summits took place, but failed to reach an agreement. The US pushed for countries to take a harder stance against Chinese exports, while also threatening some members with sanctions due to trade or facilitating trade with Iran. Despite this, the Shanghai Cooperation Council statement expressed solidarity with Iran.

In other news, the yen has been gaining strength after four decades of losses. New factors are contributing to its rise, including central bank rate hikes and record currency intervention. These moves have finally deterred traders who had long bet against the Japanese currency.