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The Bank of Japan Governor Kazuo Ueda recently signaled a clear hawkish stance, indicating that he will seriously evaluate the feasibility of raising interest rates in December. Following this statement, the market reacted swiftly—overnight index swap data showed that investors' bets on a rate hike by the Bank of Japan in December have already exceeded 80%, reaching a new high.
Analysts from Barclays and JPMorgan immediately adjusted their expectations, moving the originally scheduled rate hike from January next year to December. Economists at BNP Paribas went further, stating that Ueda's latest remarks almost serve as a "pre-announcement" for a December rate increase. However, Goldman Sachs remains cautious, believing that the central bank may need to wait for more corporate wage data as a reference, so the possibility of delaying the rate hike until January 2025 cannot be ruled out.
The narrowing of the USD/JPY interest rate spread has triggered a large unwinding of carry trades.
Contrasting with the hawkish stance of the Bank of Japan, market expectations for a Fed rate cut in December are also high, with betting probabilities approaching 9

What exactly is the Price-to-Earnings Ratio?
In the world of stock investing, many people get confused by the concept of the "Price-to-Earnings Ratio." Actually, it's not that mysterious; it's simply a metric used to measure whether a company's stock is expensive or cheap.
The Price-to-Earnings Ratio is also called the P/E ratio or PER (Price-to-Earning Ratio). The most straightforward understanding is: based on the current profit rate, how many years it would take to recover your investment. For example, if a company's P/E ratio is 13, it means that at the current profit rate, it would take 13 years to earn back your initial investment.
To give a concrete example, TSMC's current P/E ratio is around 13. If you buy TSMC stock today, theoretically, it would take 13 years to recover your principal through the company's profits. Conversely, the P/E ratio is like the market's "valuation multiple" for this company — the lower the P/E, the more affordable the stock; the higher the P/E,

Why are traders all using Fibonacci?
When it comes to technical analysis tools in the forex market, Fibonacci is definitely the most frequently used. From Wall Street traders to retail investors, everyone is using it. Why? Because it can help you identify key levels where asset prices might reverse.
The core of Fibonacci trading tools is the golden ratio, a proportion that can be found everywhere in nature and also mysteriously appears in financial market price movements. Traders use this mathematical principle to predict support and resistance levels, and even to set stop-losses and target prices.
So, where does this tool come from, and how can it be applied in real trading?
The Mathematical Secrets of the Fibonacci Sequence
To understand how Fibonacci is applied in trading, you first need to know its mathematical foundation.
The Fibonacci sequence is simple: each number is the sum of the two preceding ones. Looking at this sequence makes it clear:
0, 1, 1, 2, 3, 5,

1. Short Selling Is Not as Simple as It Seems to Profit
Many beginners entering the stock market often believe that stocks only make money when they go up, and they lose money when they go down. However, there is indeed a group of traders in the market who profit when stocks decline. The underlying logic behind this phenomenon is short selling.
Short selling (also known as shorting, going short, or selling short) is straightforward: predicting that the stock price will fall, selling at a high price in advance, and then buying back after the price drops to earn the difference. However, behind this seemingly simple logic lie many complex market mechanisms and risks.
Investors can perform short selling through various financial instruments, including margin trading, futures, options, and Contracts for Difference (CFD). But it is especially important to emphasize: short selling is not a stable way to make profits. Most short sellers aim to hedge risks rather than purely pursue gains. While some people have rapidly accumulated wealth through short selling, others have suffered heavy losses as well.

The RMB has recently appreciated strongly, reaching new lows, reflecting China's strategic intention to promote internationalization. The Federal Reserve's interest rate cuts and the People's Bank of China's interventions have stabilized the RMB and increased its international acceptance. Predictions indicate it may reach 7 yuan by the end of the year, and the internationalization process is expected to accelerate in the future.

This year's story of the Japanese Yen is changing. On December 10th, the Taiwan dollar to Japanese Yen exchange rate surged to 4.85, up 8.7% from 4.46 at the beginning of the year. This is not just news for travelers, but also a signal that investors are starting to pay attention. Why? Because the Yen is no longer just pocket money for vacations; it is becoming a key part of global asset allocation.
Why are so many people exchanging Yen now?
Hedging Asset Status Highlighted
The US dollar, Swiss franc, and Japanese Yen are known as the three major safe-haven currencies worldwide. During the Russia-Ukraine conflict last year, the Yen appreciated 8% in a single week, while the stock market fell 10%—this demonstrates the power of safe-haven assets. Taiwanese investors seeking to protect their assets during market volatility are essentially using Yen as a hedge against Taiwan stock risks.
Exchange Rate Fluctuations Present Profit Opportunities
By the second half of 2025, Taiwan's currency exchange demand is expected to grow by 25%. Besides the recovery in tourism, more of this demand comes from investment allocation. The Bank of Japan Governor Ueda Kazuo's hawkish stance has boosted expectations of interest rate hikes.

The Federal Reserve cuts interest rates by 25 basis points, and Powell's tone shifts to caution. The market interprets this as a policy tilt adjustment, pushing gold up by $20.20. The dollar and bond yields both weaken, increasing the attractiveness of gold. Although gold faces technical and policy support in the short term, whether it can reach a new all-time high still depends on subsequent economic data.

The energy market has sent a clear signal by 2025 — Brent crude oil has fallen nearly 20% since the beginning of the year to $60 per barrel, and the global oil and natural gas markets are entering a new phase of "oversupply." According to IEA analysis, global oil supply in 2026 will exceed demand by 3.85 million barrels per day. This wave of surplus puts long-term pressure on oil and gas prices, but the performance of different energy categories shows a clear divergence — diesel prices are rising against the trend, LNG faces increased competition, and renewable energy growth is slowing but its role is becoming more important.
Oil Market Enters the Era of "Inventory Inflation"
Production in the US, Canada, Brazil, and Guyana has hit record highs, and OPEC+ is gradually lifting production cuts (expected to be completed by the first half of 2026). The pace of global oil supply expansion far exceeds demand growth. China's strategic reserves replenishment (about 500,000 barrels per day) and crude oil inventories shipped by sea have risen to the highest levels since April 2020, with inventory pressure becoming

On December 25th, the US dollar's decline against the Chinese yuan accelerated. In the offshore market, the USD/CNH touched 6.9965, the lowest level since September 2024; in the onshore market, the USD/CNY fell to 7.0051, hitting a low not seen since May 2023. This market movement has sparked attention—will the RMB appreciation wave continue into 2026?
Multiple Investment Banks Optimistic About RMB Rise
Market outlooks for the RMB are becoming more optimistic. Xing Zhaopeng, senior strategist at ANZ Bank, expects the USD/CNY to trade within the 6.95-7.00 range in the first half of 2026. Goldman Sachs is even more bullish, believing that the RMB is undervalued by 25% relative to economic fundamentals, and forecasts that by mid-2026, the USD/CNY will fall to 6.90, further dropping to 6.85 by the end of the year. The view from Bank of America is even more

Since the launch of ChatGPT, the industry investment boom around artificial intelligence has lasted for over two years. However, unlike other tech waves, the performance of AI concept stocks has shown clear differentiation—some companies' stock prices have multiplied several times, while others have fallen into difficulties amid hype. The question is: which AI concept stocks are still worth paying attention to? How should the investment logic be adjusted?
Why Have AI Concept Stocks Become an Investment Focus?
The definition of artificial intelligence (AI) is no longer unfamiliar—enabling machines to possess human-level cognitive abilities such as learning, reasoning, problem-solving, and language understanding. From voice assistants to autonomous driving, from medical diagnostics to financial forecasting, AI applications have penetrated all aspects of life.
What are AI concept stocks essentially? They are not the creators of AI technology but beneficiaries along the AI industry chain—chip designers, server manufacturers, cloud infrastructure providers, and even cooling systems and electrical components.

Understanding the Essence of Spot Gold Trading
In recent years, global central banks have increased their gold reserves, making gold an increasingly attractive safe-haven asset. For Malaysian investors interested in gold investment, understanding xau (i.e., XAUUSD, gold against the US dollar) as an international trading instrument is crucial.
Spot gold and gold spot are essentially the same concept, referring to a bookkeeping transaction based on international gold prices. Unlike physical gold (bars, coins, etc.), spot gold does not involve physical delivery; investors profit from price differences through contract trading. This trading model originates from the London gold market and is also known as "London Gold" or "International Gold."
The core features of xau include support for two-way trading and leverage mechanisms. Whether gold prices rise or fall, investors can profit by going long (buying) or short (selling). For example, with 1:100 leverage, a mere $1 movement in gold price can...

What is a Margin Call? An Easy Explanation of Margin Maintenance
In leveraged trading, brokers require you to maintain a certain level of margin. Simply put, a margin call is a warning signal from your broker — when your account incurs losses to a certain extent and the margin falls below the broker's required threshold, they will notify you to immediately add funds or close your positions voluntarily.
Margin refers to the funds you need to freeze when opening a position. When floating losses exceed the used margin, a margin call is triggered. This is the broker's way of protecting themselves and maintaining market order.
How is the margin level calculated? When will a margin call occur?
The margin level is expressed as a percentage, and the calculation is straightforward:
Margin Level = (Account Equity ÷ Used Margin) × 100

December 10, 2025, the Taiwanese dollar against the Japanese yen broke through the 4.85 mark, marking an important milestone this year. Compared to the 4.46 level at the beginning of the year, the appreciation reached 8.7%—this not only means a decrease in travel costs abroad but also, more importantly, highlights the value of the yen as one of the world's three major safe-haven currencies. At the same time, the exchange rate change between the Hong Kong dollar and the Japanese yen is also worth noting, reminding us of the exchange rate arbitrage opportunities within the Asia-Pacific region.
Why is the yen worth paying attention to? It’s not just a travel tool
Many people equate the yen with travel shopping, but this perception is outdated. The current attractiveness of the yen comes from three dimensions:
In terms of travel and daily consumption, Japan’s cash economy remains strong (credit card penetration is only 60%), which means whether you are shopping in Tokyo, skiing in Hokkaido, or purchasing Japanese cosmetics through proxy shopping, cash yen is essential. People planning to study abroad or work part-time

The Australian dollar, as the fifth-largest traded currency pair globally (AUD/USD), has always been a favorite for hot money and carry trade strategies. However, looking back over the past decade, this once "high-yield currency" has performed disappointingly—dropping from 1.05 in early 2013 to over 35% depreciation now. During the same period, the US dollar index surged by 28.35%, and the euro, yen, and Canadian dollar also depreciated against the US dollar, indicating that the Australian dollar's challenges are not solely individual issues but are part of a structural pressure from the global "strong dollar cycle."
Australian Dollar Dilemma: Commodity Dependence + Diminishing Interest Rate Differentials + Economic Weakness
Australia's export structure is highly dependent on commodities, with iron ore, coal, and energy making up the bulk, which essentially makes the AUD a "commodity currency." However, over the past ten years, China's manufacturing momentum has slowed, and demand growth for raw materials has decelerated, directly undermining the AUD's support.
Even worse, the interest rate advantage between Australia and the US has gradually diminished. Once attractive

The Essence of Candlestick Charts: The Story of Four Prices
Many traders fear candlestick charts when they first start learning technical analysis. In fact, candlesticks (K-lines, candle charts) are not as complicated as they seem. They simply condense four prices—opening, closing, highest, and lowest—within a certain period into a single "candle," using color and shape to intuitively display price trends and market sentiment.
Core Components of a Candlestick:
The rectangular part is called the "K-line body," representing the temperature between the opening and closing prices. If the closing price is higher than the opening price, the body is shown in red (bullish candle), indicating that buyers are in control during this period. Conversely, if the closing price is lower than the opening price, the body is green (bearish candle), suggesting that sellers are dominating.
The thin lines extending from the body are called "shadows." The shadow above the body reflects the highest price, while the shadow below shows the lowest price. These two shadows are like market participants' "tests," as they attempt to push

Since 2025, the euro's trend has been caught in a dilemma. On one side, expectations of Federal Reserve rate cuts are heating up; on the other side, the European Central Bank (ECB) is gradually withdrawing monetary easing after inflation recedes. Coupled with the global de-dollarization wave, the euro faces an unprecedented environment of policy divergence. Looking ahead to 2026, the direction of the euro against the RMB and USD has become the most关注 topic in the market.
Policy Divergence: ECB "Holding Steady," Fed "Gradually Phasing Out"
The current market consensus has already formed: the ECB's rate-cut cycle has basically ended.
Citi's latest judgment is that, against the backdrop of Europe's economic resilience and inflation steadily returning to target, the ECB will maintain a 2% interest rate level until the end of 2027. This means that starting from 2026, European monetary policy will remain in a "frozen" state for a long time.
In contrast, the Federal Reserve's policy tone is gradually adjusting. Goldman Sachs, Morgan Stanley, and Bank of America all

Climate change has increasingly become a hot topic worldwide, and more investors are turning their attention to socially responsible companies. The ESG investment philosophy has also gained popularity, but for ordinary investors, questions remain about which companies are ESG-compliant, how to select them, and whether they can deliver good returns. This article will provide a detailed introduction to the core concepts, popular targets, and operational methods in this investment field.
Understanding ESG: Viewing Corporate Value from Environmental, Social, and Governance Dimensions
ESG is an acronym for Environmental, Social, and Governance, which are key standards for assessing a company's sustainability and ethical practices.
The environmental dimension examines a company's efforts in carbon reduction, resource conservation, and pollution control; the social dimension evaluates how the company manages relationships with employees, consumers, and communities, as well as human rights protections.

At 3 a.m., a cross-border transaction was completed without banks or lawyers involved—cryptocurrency automatically transferred, NFT artwork instantly moved, all done with 200 lines of code, costing less than a cup of coffee. This is the magic of smart contracts.
But here’s the question: with 160 projects offering smart contract services, how should investors choose? Which platforms are worth paying attention to? Where are the risks?
What exactly are smart contracts? Don’t be intimidated by the terminology.
Simply put, a smart contract is an automated contract deployed on the blockchain. It pre-sets conditions, and when those conditions are met, it executes automatically—no manual intervention, no third-party witnesses, and it cannot be tampered with.
What is the core difference from traditional contracts?
Traditional contracts rely on paper, lawyers, and each party keeping a copy; enforcement depends on trust and legal systems. Smart contracts are completely different—the code itself is the contract, stored on a public blockchain, accessible to everyone.

Many people who trade stocks for a period of time will hear discussions about futures, but they feel both curious and a bit afraid of this investment tool. When it comes to futures, some lose everything, while others achieve wealth growth through it. How exactly do you play futures? How big are the risks? This article will answer these questions one by one.
Why did futures come into existence? Starting from agricultural civilization
As early as in agricultural societies, farmers faced a dilemma—relying on weather. Droughts, floods, pest infestations, and other natural disasters could directly affect harvests, leading to drastic price fluctuations. During bumper harvests, grains are cheap as dirt; during poor harvests, prices soar. These uncontrollable fluctuations pose huge risks to both producers and consumers.
Ancient China used the official granary system to buffer this risk, but Western countries took a different path—they developed a contract trading model. Buyers and sellers agree on the future trading time, price, and quantity at the present moment, thus locking in costs in advance and avoiding the risk of price volatility.