Core Viewpoint - Japan is on the verge of intervening in the currency market for the third time in recent years due to a persistently weak yen, but analysts believe such intervention may be ineffective and could lead to further selloffs [1][4]. Currency Market Situation - The yen has reached a 10-month low, declining alongside bonds since Sanae Takaichi assumed leadership of Japan's ruling party, with proposals for increased government spending [2]. - Japan's cabinet has approved a stimulus package worth 21.3 trillion yen ($135 billion), and Finance Minister Satsuki Katayama has issued warnings about potential yen intervention if market movements become disorderly [3]. Intervention Expectations - Analysts anticipate that the government may issue verbal warnings before actual intervention occurs, likely around the 158-162 yen per dollar range [3]. - Previous interventions in 2022 and mid-2024 were successful in strengthening the yen, but current conditions may make similar outcomes more challenging due to a lack of significant short positions against the yen [4]. Market Reactions - Initial intervention could lead to increased short positions, resulting in more selling pressure on the yen shortly after the intervention [5]. - The current exchange rate is at 156.7 yen per dollar, approaching a critical level of 160 yen, which could trigger significant market reactions if no intervention occurs [6]. Speculation and Market Sentiment - Traders recall the intervention levels from the previous year, around 157 to 162 yen, and if no action is taken as the yen nears 160, speculation about a weaker intervention stance may lead to aggressive selling of the yen [7].

So that's your setup for the day off the back of this earnings report, off the back of the data that we've been waiting for. So let's get to Kevin Green who joins me now to get across some other numbers and we're getting some existing home sales. Print, uh, talk us through what you're seeing as far as that one, KG, this morning.>> Yeah, for existing home sales, we actually saw that number coming in at 4.1% million for the month of October. The street was looking for 4.08% million, so pretty much in line wit ...