Recently, the yen fell to its lowest level since 1986. The numbers on the screen aren't the key. The signal that really deserves attention is that the Japanese government, the Ministry of Finance and the Bank of Japan have exhausted all means to deal with this decline, but the price of the yen continues to fall. ①Japan raised interest rates and the yen continued to fall;②Japan spent a record amount on national defense. The yen still falls;③Officials continue to issue warnings and require decisive measures, but the yen continues to fall;④Oil prices have stabilized, but the yen still falls. According to conventional logic, each of these events, taken individually, should support the value of the currency. But actually, None of these events had such an effect. When four different explanations all fail one after another, the problem lies not with the explanations themselves, but with the underlying mechanisms. The root cause lies in the global dollar financing system. When this system works properly, trade and credit expand, and currencies like the yen have a chance to appreciate. And when the system comes under stress, there will be a relative shortage of dollars, and economies closely tied to global trade and dollar-priced imports will be hit, regardless of what their own central banks decide.

The final service PMI values ​​for France, Germany and the Eurozone in June will be announced in ten minutes; European Central Bank President Lagarde will participate in the economic forum.

RENGO, Japan's largest trade union group: The average wage increase offered by companies was 5.01%, down from 5.25% last year.

The UK two-year government bond yield fell 5 basis points to 4.091%, the lowest level since June 26.

Spain's comprehensive PMI in June was 53.3, expected 50.9, and the previous value was 50.2.

Spain's services PMI in June was 54.2, compared with the expected 50.9 and the previous value of 50.1.