6.17 AI Daily Report: The situation in the Middle East escalates, and the Crypto Assets market experiences increased Fluctuation.

1. Headlines

1. Israel airstrikes Iranian nuclear facilities, the Middle East situation enters a new round of tension.

The Israeli Air Force launched an airstrike against Iranian nuclear facilities in the early hours of the 17th, resulting in multiple casualties. Israel referred to this as "Operation Lion's Strength," aimed at destroying Iran's nuclear program. Iran vowed to respond with "brutal revenge."

The recent airstrike has triggered a new round of military confrontation in the Middle East. Both sides' armed forces are on high alert. The U.S. government has stated that it is closely monitoring the situation and calls for all parties to exercise restraint. However, President Trump hinted that military intervention is not off the table.

Analysts point out that if the conflict between Iran and Israel escalates, it will further exacerbate the turmoil in the Middle East, affecting regional peace and stability. International oil prices have surged significantly due to this incident, posing new uncertainty risks to the global economic recovery.

2. The Hong Kong "Stablecoin Regulations" officially take effect, ushering in a new era of cryptocurrency.

The Hong Kong "Stablecoin Regulation" officially came into effect on August 1, marking Hong Kong as the world's first region to establish a regulatory framework for stablecoins. This regulation sets clear rules for stablecoin issuers and related businesses, establishing Hong Kong's leading position in the global cryptocurrency market.

The regulations stipulate that the issuance of stablecoins requires permission from the Hong Kong Securities and Futures Commission and must meet strict prudential regulatory requirements. Stablecoin issuers must maintain sufficient reserve assets to ensure full backing of the stablecoins. There are also regulations concerning the operators' risk management and anti-money laundering measures.

Industry insiders believe that the introduction of the "Regulations" will promote Hong Kong to become a global cryptocurrency center, attracting more innovative enterprises to develop in Hong Kong. At the same time, it will provide investors with a safer and more transparent cryptocurrency investment environment, which is beneficial for the long-term healthy development of the industry.

3. The relationship between OpenAI and Microsoft has changed, and the status of AI giants is being challenged.

According to reports, OpenAI and Microsoft have differences regarding the future of their AI collaboration relationship. OpenAI hopes to break free from Microsoft's control over its products and computing resources, and seeks Microsoft's support in its transition to a for-profit company. However, there are significant disagreements between the two parties regarding the equity issue of OpenAI's new company.

Analysts point out that as a leader in the AI field, OpenAI's relationship with Microsoft will have a profound impact on the entire AI ecosystem. If the partnership is disrupted, OpenAI will lose the computing power support provided by Microsoft, and its development will be severely constrained.

On the other hand, Microsoft also faces the risk of losing its dominance in the AI field. Other tech giants like Google and Amazon are increasing their investments in AI, striving to gain an advantage in this new strategic arena. The departure of OpenAI will weaken Microsoft's competitiveness in the AI sector.

4. Bitcoin mining company Argo secures £360 million in new financing to expand its mining operations.

UK-based Bitcoin mining company Argo Blockchain has announced it has secured £358 million in new financing to purchase more Bitcoin mining machines and expand its mining operations in North America.

This funding includes £303 million raised through the retail investment platform WRAP, as well as £55 million directly subscribed by institutional investors. Argo stated that the new funds will help the company seize the current favorable Bitcoin mining environment, further expanding its scale and market share.

Industry analysts believe that this financing reflects strong interest from institutional funds in Bitcoin mining. As the price of Bitcoin continues to rise, the profitability of mining companies has been enhanced, attracting more investment. In the future, Bitcoin mining is expected to become a new important investment area for institutional capital.

5. The music NFT ecosystem Story continues to heat up, with a month-on-month trading volume increase of 340%.

According to statistics, in the past 30 days, the trading volume of music NFT ecological stories has increased by 340% month-on-month, continuing to attract mainstream music creators. This indicates that the construction of a closed-loop of music, brand and content IP confirmation, circulation and revenue is accelerating.

Analysts point out that music NFTs bring new transformative opportunities to the music industry. Through NFT technology, the copyright of musical works can be better protected, and revenue distribution becomes more transparent. At the same time, it also provides fans with a unique digital collectible experience.

In the era of the metaverse, music NFTs are expected to become an important form of digital assets in the virtual world. In the future, the music NFT ecosystem is expected to further expand, attracting more musicians, brands, and fans to participate, and promoting the digital transformation of the music industry.

2. Industry News

1. Bitcoin breaks through the $110,000 mark, market sentiment is optimistic

The price of Bitcoin has surpassed the $110,000 mark in the past 24 hours, reaching a high of $108,900. This surge is mainly driven by continuous buying from institutional investors. Data shows that Bitcoin ETFs have attracted a total of $11.2 billion in new inflows over the past 8 weeks.

Investor optimism toward Bitcoin mainly stems from its increasingly prominent status as digital gold. Amid geopolitical tensions and inflationary pressures, Bitcoin is seen as a safe-haven asset. At the same time, the limited supply and decentralized nature of Bitcoin have also attracted more investor attention.

However, analysts point out that the rise in Bitcoin prices has been relatively modest, which may reflect some investors taking profits. In the short term, Bitcoin prices may fluctuate in the range of $104,000 to $110,000. If the resistance level of $110,000 is broken, the next potential target could be between $150,000 and $270,000. However, investors should also be wary of potential pullback risks.

2. Ethereum continues its upward trend, with on-chain activity steadily increasing.

The price of Ethereum has slightly increased over the past 24 hours, currently hovering around $2600. Although the increase is limited, the on-chain activity of Ethereum continues to grow, reflecting the market's optimistic expectations for its long-term prospects.

Data shows that the daily transaction count on the BNB chain has increased from about 6 million in May to over 15 million, and the daily active addresses are also nearing 2 million. This indicates that the Ethereum ecosystem is rapidly developing, attracting more users and developers.

Analysts believe that Ethereum, as the infrastructure for smart contracts and DeFi, will see its long-term value continue to grow with the expansion of its ecosystem. With the advancement of Ethereum 2.0, the network's scalability and efficiency will also be further improved, laying the foundation for future development.

However, the challenges faced by Ethereum cannot be ignored. The high transaction fee problem of Ethereum has always existed, while other public chain ecosystems such as Solana and Avalanche are also continuously developing, bringing certain competitive pressure to Ethereum. Investors need to closely monitor the development trends of Ethereum.

3. The Solana ecosystem continues to heat up, and investors are optimistic about its long-term prospects

The Solana ecosystem has been steadily gaining momentum in recent times, attracting the attention of numerous investment institutions. The well-known investment bank Cantor Fitzgerald has released a report, expressing optimism about Solana's potential as a treasury asset and setting optimistic stock price targets for several Solana investment companies.

The report points out that despite Ethereum's longer development history and higher amount of locked funds, Solana has advantages over Ethereum as an investment asset. Solana's ability to offer fast, cheap transactions, as well as the ability to validate transactions with tokens and earn staking rewards, allows more Solana Reserve Strategy companies to follow the Bitcoin Reserve Strategy's financial strategy.

At the same time, the growth of developers in the Solana ecosystem far exceeds that of Ethereum, and analysts expect this trend to continue. This reflects that the advantages of Solana in terms of scalability and low costs are being recognized by the market.

However, the Solana ecosystem also faces some challenges, such as a lower degree of decentralization and issues with network stability. Investors need to carefully assess the risks when investing in Solana-related projects. Overall, the development of the Solana ecosystem is worth ongoing attention.

4. Stablecoin concept stocks are active, regulatory policies may be introduced.

Recently, A-share stablecoin concept stocks have shown active performance, with several individual stocks experiencing significant increases. This is mainly driven by market expectations for the introduction of stablecoin regulatory policies.

Data shows that the U.S. Senate will hold a final vote on the stablecoin bill GENIUS. The bill aims to protect investors but could also pose regulatory challenges for tech giants. Meanwhile, JPMorgan has applied for the "JPMD" trademark, covering transactions, exchanges, transfers, and payment services related to cryptocurrency, sparking market speculation about its launch of a stablecoin.

Analysts believe that with the increasing application of stablecoins in the payment and financial fields, the introduction of regulatory policies has become imminent. Reasonable regulation will be beneficial to the long-term healthy development of the stablecoin industry, but excessive regulation may also hinder innovation. Investors need to pay close attention to the specific direction of policy.

At the same time, the activity of stablecoin concept stocks reflects the market's enthusiasm for this field. However, investors should also be wary of the potential risks of speculation and view the investment value of individual stocks rationally.

5. The altcoin market is showing signs of activity again, and AI may become the breakthrough.

In the past week, the altcoin market has shown signs of activity again, with multiple altcoin prices experiencing significant increases. Analysts believe that the combination of AI and cryptocurrency may become the key to breaking the stalemate in the altcoin season.

The data shows that several tokens in the Reddit community have grown by more than 800%, reflecting investors' confidence in their future utility. MemeStrategy's share price also soared on the Hong Kong Stock Exchange, with a market capitalization of $83.1 million. The company said that it will increase the expansion of the Solana ecosystem and deeply participate in the construction of Web3 infrastructure.

Analysts point out that AI-driven solutions have strong potential in the tokenization of real assets. Combined with a staking mechanism, Solana Finance is expected to achieve per-share asset growth faster than Bitcoin Finance. This brings new opportunities for the integration of AI and cryptocurrency.

However, the risk of bubble formation in the altcoin market cannot be ignored. Investors need to carefully assess the true value of individual projects to avoid blindly chasing after them. At the same time, changes in regulatory policies may also have a significant impact on the altcoin market.

In general, AI may bring new vitality to the altcoin market, but investors still need to remain rational and manage risks and opportunities well.

3. Project News

1. The Solana ecosystem continues to gain momentum, with new projects emerging one after another.

Solana, as a new generation of high-performance blockchain, has continued to make strides over the past year, with new innovative projects constantly emerging within its ecosystem. Despite experiencing a period of downturn, the Solana community has become more resilient, with fresh blood continuously being injected.

Latest Update: During the TOKEN2049 conference in Singapore, the Solana ecosystem displayed strong development momentum. In addition to well-known projects like Pyth and Wormhole, new projects such as Cub, FlashTrade, SonicSVM, and Solayer have also joined. These projects are bringing more innovative ideas and application scenarios to the Solana ecosystem.

Market Impact: The continued development of the Solana ecosystem is expected to drive the pace of innovation across the cryptocurrency industry. As a representative of high-performance blockchains, Solana can support the implementation of more innovative applications, providing users with a better experience. At the same time, the diversified development of the Solana ecosystem is also beneficial for attracting more developers and funds, promoting the prosperity of the industry ecosystem.

Industry Feedback: Industry insiders are optimistic about the development prospects of the Solana ecosystem. Analysts believe that although Ethereum has wider adoption, Solana may surpass Ethereum due to its market value growth. Investment bank Cantor Fitzgerald is also optimistic about Solana as a treasury asset and holds a positive outlook on its pricing.

2. The Sui ecosystem is taking shape, and Move-related projects are attracting attention.

Sui is an emerging public chain project based on the Move language, and its ecosystem has recently begun to take shape, attracting widespread attention from the market. As one of the representatives of Move-based projects, Sui is expected to become another development hotspot apart from Solana.

Latest news: During the TOKEN2049 conference, the Sui ecosystem experienced explosive growth. The price of the Sui token SUI surged at one point, and projects within the ecosystem such as Cetus and Navi are also in high demand. Meanwhile, the Sui official launched the SuiPlay gaming platform and set up the largest gaming booth at the KBW conference in South Korea.

Market Impact: The rise of the Sui ecosystem is expected to promote the development of the Move language, bringing new programming language options to the blockchain industry. At the same time, the diversified development of the Sui ecosystem is also conducive to attracting more developers and funding, driving the prosperity of the Move ecosystem.

Industry Feedback: Insiders are optimistic about the development prospects of the Sui ecosystem. Analysts believe that the Sui ecosystem is expected to become another development hotspot aside from Solana, especially in the gaming and DeFi sectors. At the same time, the correlation between the Move language and Rust is also conducive to projects in the Solana ecosystem migrating to Sui.

3. The development direction of the Aptos ecosystem needs to be clarified, and Movement has become the new focus

Aptos, as another public chain project based on the Move language, still has an unclear direction for its ecological development. Meanwhile, Movement has become a new focus among Move system projects, attracting widespread attention from the market.

Latest Update: Although the Aptos ecosystem has already launched its mainnet, users and the community still have doubts about its development direction. Meanwhile, Movement, as the only Move-based project that has not yet issued a token, has received high attention from the market.

Market Impact: The development of Aptos and Movement is expected to further promote the application and ecological construction of the Move language. As emerging public chain projects, their success or failure will directly affect the status and development prospects of the Move language in the blockchain industry.

Industry feedback: There are differing opinions among industry insiders regarding the development prospects of Aptos and Movement. Some analysts believe that Aptos needs to clarify its development direction to attract more developers and funding. Meanwhile, others are optimistic about Movement as a new development hotspot, expecting it to bring more innovative applications.

4. The Hong Kong "Stablecoin Regulation" has been introduced, leading a new regulatory landscape.

The Hong Kong SAR government recently introduced the "Stablecoin Regulation" to establish a regulatory framework for the issuance and management of stablecoins. This initiative is seen as a significant advancement for Hong Kong in the field of cryptocurrency regulation and is expected to lead a new global regulatory landscape.

Latest Update: The "Stablecoin Regulation" clarifies the definition of stablecoins, the qualifications required for issuers, regulatory framework, and other related content. According to the regulation, stablecoin issuers are required to obtain permission from the Hong Kong Securities and Futures Commission and comply with relevant regulations, such as maintaining sufficient reserve assets.

Market Impact: The introduction of the "Stablecoin Regulation" will provide a legal basis for Hong Kong to attract more stablecoin projects and related enterprises, which is conducive to promoting Hong Kong as a global stablecoin hub. At the same time, this regulatory framework is also expected to serve as a reference for other countries and regions, promoting the unification of global stablecoin regulation.

Industry Feedback: Industry insiders have responded positively to the introduction of Hong Kong's "Stablecoin Regulations." Analysts believe that this regulation will provide clearer rules for the development of stablecoins, which is beneficial for maintaining market order and protecting investors' rights. However, there are also concerns that excessive regulation may stifle innovation.

5. The AI track continues to heat up, and Web3 innovative applications are gaining attention.

During the TOKEN2049 conference, the AI track continued to heat up, attracting the attention of many Web3 entrepreneurs and investors. Entrepreneurial teams transitioning from the traditional AI field are emerging one after another, exploring innovative applications that combine AI and Web3.

Latest News: At the conference site, traditional AI companies such as Gensyn, Hyperbolic, and Schelling AI showcased their latest advancements in the Web3 field. Meanwhile, some projects focused on AI art generation, such as Title.xyz, also garnered significant attention.

Market Impact: The combination of AI and Web3 is expected to give rise to entirely new innovative applications, providing users with an unprecedented experience. At the same time, this trend will also attract more AI talent and funding into the Web3 space, driving the development of the entire industry.

Industry Feedback: Insiders have differing opinions on the prospects of the AI + Web3 sector. Optimists believe that AI will become an important driving force for the development of Web3 and is expected to bring about disruptive innovation. However, some are concerned that most current AI projects are of a "Meme" nature, and that real applications are still a long way off.

Overall, the AI Daily for June 17 covers several key developments in Web3 and related fields, including the ecosystem developments of Solana, Sui, Aptos, the introduction of Hong Kong's stablecoin regulatory guidelines, and the latest advancements in the AI sector. These updates reflect the current innovative vitality of the cryptocurrency industry and hint at potential changes and opportunities in the future. We will continue to monitor industry developments and provide readers with more exciting content.

4. Economic Dynamics

1. The Bank of Japan maintains its interest rates, facing the challenge of balancing inflation and economic growth.

The Bank of Japan decided to maintain interest rates at its monetary policy meeting in June, in line with market expectations. This decision reflects the Bank of Japan's efforts to seek a balance between inflationary pressures and slowing economic growth.

At present, the Japanese economy is facing a complex situation. On the one hand, inflation has remained at or above the Bank of Japan's 2% target since April 2022, putting increasing pressure on interest rate hikes. Even the price of rice, a daily necessities, has doubled over the past year, underscoring the severity of inflationary pressures. On the other hand, economic growth slowed markedly, with GDP contracting at an annualized rate of 0.2% in the first quarter. And real wages fell 1.8% year-on-year due to rising inflation, which could dampen consumer spending and further constrain economic growth.

Against this background, the Bank of Japan has decided to keep interest rates unchanged and remain on hold for the time being. However, analysts believe that if the Bank of Japan issues any strong guidance in its policy statement and press conference, it could provide significant support for the yen. The market will closely monitor the central bank's hints at future tightening measures.

Goldman Sachs expects that the Bank of Japan will raise interest rates for the next time in January 2026 and will maintain its current government bond purchasing program. UBS, on the other hand, believes that the Bank of Japan may raise interest rates once before the end of this year. Overall, experts generally expect the Bank of Japan to start a gradual rate hike in the coming months to address inflation pressures, while also needing to balance considerations for economic growth.

2. The Federal Reserve's interest rate decision outlook is becoming more moderate, and economic forecasts may be revised.

On the eve of the June Federal Open Market Committee ( FOMC ) meeting, a survey of former Federal Reserve insiders showed that the interest rate outlook is becoming moderately conservative.

This survey was conducted by former Wall Street Journal economics reporter Jon Hilsenrath, gathering the views of former Federal Reserve officials and staff on the U.S. economy and the outlook for the Fed. Respondents expect that the unemployment rate and inflation rate will rise in the coming months, which could complicate the Fed's judgment in interest rate decisions. They anticipate that the Fed will maintain expectations for two rate cuts of 25 basis points each within the year, although many former officials believe that only one cut or even no cuts may be more appropriate.

Francois Rimeu, a strategist at Credit Mutuel Asset Management, pointed out in a report that the key issue at the Federal Reserve's meeting this week is the adjustment of economic forecasts and the dot plot. The expected adjustments related to economic policy developments should reflect a slowing growth, inflation that is more persistent than expected, despite some surprising developments in recent months, and a weakening labor market.

Market participants generally expect that the Federal Reserve will keep interest rates unchanged at this week's meeting, but its assessment of the economic outlook may change. Analysts at the German Central Cooperative Bank stated that, given the strong economic data, the continuously declining but still unconvincing low price pressures, and the potential inflation risks posed by tariffs, the Federal Reserve will continue to monitor these data and emphasize uncertainty.

Overall, although there have been some positive signs in recent economic data, the risks of persistent high inflation and economic slowdown still exist. The Federal Reserve needs to weigh the balance between economic recovery and inflation control in terms of the pace and magnitude of interest rate hikes, and its adjustments to economic forecasts will provide important signals to the market.

3. Trump's remarks on tariffs stir up waves again, market attention shifts to economic policy

The latest remarks made by U.S. President Trump regarding tariffs have once again attracted market attention. He stated that the EU has not yet provided a fair agreement, and while a deal with Japan may be possible, their attitude is "tough". He also pointed out that pharmaceutical tariffs are about to be introduced.

Analysts believe that although Trump's remarks mainly focus on tariff issues, the market's attention seems to have shifted away from tariffs. One analyst stated that tariffs are no longer that important, as if necessary, the July ( tariff suspension deadline will be extended, and the market has already digested an average tariff rate of 10%. Additionally, businesses are still considering the issue of a 10-20% tariff rate.

The positive outlook for global economic growth now relies more on Trump's "Beautiful Big Deal" and interest rate cuts. Analysts point out that if these aspects yield negative results, it could lead to a repricing of expectations and dampen risk sentiment.

In fact, the economic policies of the Trump administration have been a focal point of high market attention. In addition to tariff issues, the "Beautiful Big Deal" proposed by Trump has also received widespread attention. This plan, aimed at rebuilding American infrastructure, reducing taxes, and loosening regulations, would have a profound impact on the American economy if implemented.

On the other hand, the Federal Reserve's interest rate decisions will also have a significant impact on the economic trend. Against the backdrop of persistently high inflation, whether the Federal Reserve will further raise interest rates and the extent of those increases will affect the confidence and spending of businesses and consumers.

Overall, the economic policies of the Trump administration, the monetary policy of the Federal Reserve, and multiple factors such as the geopolitical situation will jointly determine the future economic trends. The market is closely monitoring the latest developments in these areas to assess potential risks and opportunities.

) 4. The escalation of the conflict between Iran and Israel has raised geopolitical risks, and the market is cautiously observing.

Recently, the tension between Iran and Israel has been escalating, with frequent mutual attacks, raising market concerns about geopolitical risks.

As a major influential country in the Middle East, the conflict between Iran and Israel has always been one of the core contradictions in the region. Recently, the confrontational actions from both sides have clearly escalated, including incidents such as Iran attacking Israeli oil tankers and Israeli airstrikes on Iranian facilities, leading to a tense standoff.

The intensification of geopolitical risks has attracted significant attention in the market. Analysts point out that although oil inventories are currently sufficient, if the conflict continues to escalate, it may affect oil supplies from the Middle East, thereby driving up oil prices. High oil prices will increase operational costs for businesses, exacerbating inflationary pressures, which may in turn hinder economic growth.

On the other hand, geopolitical tensions may also trigger capital outflows, leading to a chain reaction of currency depreciation in emerging markets, rising bond yields, and other impacts on global financial markets.

However, some analysts believe that the market's concerns over the conflict between Iran and Israel may be somewhat excessive. Historical data shows that oil prices would need to double to potentially trigger a recession in the Western economy. Moreover, the recent drop in gold prices, rise in U.S. Treasury yields, and plummeting volatility in the stock market indicate that market risk sentiment is on the rise.

Overall, geopolitical risks are a major uncertainty factor facing the current global economy. Investors need to closely monitor the further developments of the situation, assess its potential impact on the economy and financial markets, and prepare appropriate risk management.

5. The debt problem in Japan is worsening, and rising inflation may trigger a bond sell-off.

Japan has long faced a serious debt problem, with government debt exceeding 270% of GDP, which has become more acute in recent times.

Japan's high debt problem stems from years of fiscal deficits. To stimulate economic growth, the Japanese government has long relied on large-scale fiscal spending, but tax revenues have not increased in tandem, leading to a continuous expansion of the deficit. At the same time, Japan's aging population and the sharp decline in the working-age population have also intensified the government's fiscal burden.

In the past, the Japanese government financed itself by "printing money" to buy government bonds, but this practice has become unsustainable. Data shows that the Bank of Japan currently holds 52% of government bonds, making it very difficult to sell these debts back to the market in the future.

Recently, rising inflation has brought new challenges to Japan's debt issues. For a long time, Japan has been facing deflation rather than inflation, which allowed the market to accept lower bond yields. However, with inflation levels climbing, investors are beginning to demand higher returns, otherwise the real value of bonds will be eroded by inflation.

Goldman Sachs analysts have stated that if the Bank of Japan reverses its quantitative easing policy, it will exacerbate the selling pressure on bonds. Once bond yields rise, it will further increase the interest burden on the Japanese government, creating a vicious cycle.

The Japanese government is currently working to control its fiscal deficit, but it is difficult to reverse the high debt situation in the short term. Analysts warn that if Japan fails to properly address its debt and inflation issues, it could trigger turmoil in the financial markets and have spillover effects on the global economy.

6. Emerging market currencies are under pressure, which may lead to capital outflows and debt crises.

Recently, emerging market currencies have faced heavy depreciation pressure, raising market concerns about capital outflows and debt crises.

Emerging market countries have always been an important engine of global economic growth, but their currencies are often susceptible to external shocks. Currently, multiple factors are contributing to increased depreciation pressures on emerging market currencies.

First, the Federal Reserve's pace of interest rate hikes has accelerated, leading to funding

5. Regulation & Policy

1. The U.S. Senate will hold a final vote on the stablecoin bill GENIUS.

The U.S. Senate will hold a final vote on the "American Stablecoin Innovation and Protection Act" (GENIUS Act) this Tuesday. The bill was introduced by Senators Kirsten Gillibrand and Ken Lujan and aims to establish a national standard for stablecoin regulation.

The bill requires that stablecoins must be fully backed by liquid assets such as the US dollar, and prohibits non-financial companies like Meta and Amazon from issuing stablecoins. In addition, the bill stipulates that stablecoin issuers must report their reserves to regulators on a monthly basis and undergo annual audits.

The bill was previously met with concerns over the Trump family's crypto project and has now included provisions limiting government officials' participation in issuance. Although the Trump family's business is not directly subject to the bill's constraints, the related conflicts of interest still provoke political divisions.

Analysts believe that the bill is expected to provide clear guidance for stablecoin regulation, enhancing market transparency and investor protection. However, some industry insiders are concerned that excessive regulation could stifle innovation. Overall, the market holds a cautiously optimistic attitude towards the passage of the bill.

2. The Bank of Japan maintains interest rates, focusing on inflation pressure.

The Bank of Japan decided to maintain interest rates at the monetary policy meeting on June 17, in line with market expectations. Since 2016, the Bank of Japan has kept the short-term interest rate target at a very low level of -0.1% to stimulate economic growth.

Nevertheless, inflationary pressures in Japan continue to rise. Since April 2022, the core inflation rate has remained at or above the Bank of Japan's target of 2%. This has put increasing pressure on interest rate hikes.

However, economic growth has significantly deteriorated, with the annualized GDP contracting by 0.2% in the first quarter. Additionally, due to rising inflation, real wages fell by 1.8% year-on-year, which may suppress consumer spending and further constrain economic growth.

Although the Bank of Japan is likely to keep interest rates unchanged at today's meeting, any strong guidance could provide significant support for the yen. Attention should be paid to the policy statement and comments from the press conference for hints about future tightening measures.

3. JPMorgan applies for a trademark for a digital asset platform, as Wall Street's embrace of cryptocurrencies continues.

JPMorgan Chase has applied for a trademark to launch a cryptocurrency platform named JPMD, aimed at providing trading and payment services for digital assets, reflecting its deeper commitment to cryptocurrencies, despite CEO Jamie Dimon's previous criticisms.

According to reports from June 16, this application lists electronic fund transfers, real-time token trading, custodial services, and secure online financial transactions. The document states that the trademark owner is JPMorgan Chase Bank, located in Columbus, Ohio.

This move has sparked widespread attention in the market. Some analysts believe it may signal that JPMorgan plans to issue its own stablecoin. Others think this is just a sign of the bank further embracing cryptocurrency.

In any case, this reflects the fact that traditional financial institutions are accelerating their foray into the crypto space. As regulations become clearer, more banks and financial companies are expected to launch crypto-related products and services in the future.