Japanese equities rose after Tokyo secured a U.S. pledge to correct a tariff order and refund excess duties, while the Bank of Japan’s July meeting summary revealed divisions over the timing of future rate hikes. The yen weakened, USD/JPY topping 147.30, as the dollar firmed slightly more broadly. The U.S. slapped tariffs on large gold bars, a move seen disrupting bullion market funding and strengthening COMEX’s role in price discovery.
Federal Reserve Bank of St. Louis President Alberto Musalem is speaking on FridayBank of England Chief Economist Huw Pill is speaking on FridayGold Breakout to Record High, Traders Got the Early Call from investingLive.comMore on the US tariff hits to strategic gold bars ... this could get real ugly, real fastUBS has warned that U.S. tariffs on large gold bars could spark disruptionReports Prime Minister Netanyahu’s proposal for the occupation of Gaza City approvedJapan's benchmark Nikkei 225 index has jump 2% on he better news from Akazawa on tariffsPBOC sets USD/ CNY reference rate for today at 7.1382 (vs. estimate at 7.1742)Head of China's SMIC says demand still outstrips supply, rush orders to ease in Q4Japanese trade envoy Akazawa reckons he's made progress in US trade talks (gets a refund!)RBA tipped to cut rates to 3.60% in August (certainty this time!), more likely by year-endSplits evident at Bank Japan on rate hike timing as inflation stays hot, trade risks loomBoJ July policy meeting 'Summary" contains multiple references to heightened uncertaintyJapan data - June Household Spending +1.3% y/y (vs. expected +2.6%)Tariff shock sends 2025 oil demand growth to less than half earlier forecastsBank of England tensions mount - Split BOE vote sets stage for more pound gainsCaptain Obvious Bessent says Trump using tariffs as a foreign policy instrumentUBS love equites: Fundamentals to keep markets afloat as tariffs bite, Fed easing loomsRabobank forecasts USD/CAD to trade in 1.34–1.36 range as US-Canada rate gap narrowsFinancial Times: US hits one-kilo gold bars with tariffsinvestingLive.com Americas FX news wrap 7 Aug: Trump taps Stephen Miran as Fed GovenorTACO time - Trump says Putin doesn’t have to agree to meet with Zelenskiy to meet with meMajor US stock indices close mixed with the NASDAQ marginally higherJapanese trade envoy Ryosei Akazawa said the U.S. has agreed to correct a presidential order on tariffs and refund any excess duties collected in error. He stressed there was no disagreement between the two countries over reciprocal tariffs.
Japanese equities rose on the news.
From the Bank of Japan, the July meeting “Summary of Opinions” — following the decision to keep the short-term rate at 0.5% — showed a lively debate over the timing of the next hike.
Several members said the BoJ is likely to keep raising rates if the economy and prices track forecasts, warning that waiting too long could force rapid tightening later. Others favoured holding the current accommodative stance for now, citing uncertainty around the bank’s projections. Inflation concerns dominated, while trade and geopolitical risks were also in focus.The yen eased through the session, with USD/JPY climbing to just over 147.30. The dollar was modestly firmer more broadly, though ranges were subdued.
Gold fell back from highs above US$3,405. The big story in bullion was the U.S. decision to impose tariffs on strategic large gold bars (1 kg and 100 oz) — the formats COMEX accepts for delivery. The move is expected to disrupt the Exchange for Physical mechanism linking London’s unallocated market to New York’s deliverable futures, forcing shorts to close or roll positions and potentially triggering a funding squeeze in London’s bullion banking system. By constraining deliverable supply, it accelerates Basel III-driven pressure on bullion banks to hold more physical metal and limits the LBMA’s ability to rehypothecate bars, denting Switzerland’s refining dominance and boosting COMEX’s role in global price discovery. More details in the somewhat posts.
In geopolitics, Israel said it will retake Gaza City, escalating the conflict with Hamas.
This article was written by Eamonn Sheridan at investinglive.com.Hence then, the article about investinglive asia pacific fx news wrap us slammed strategic big gold bars with tariffs was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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