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Entering the Asian trading session on November 26, Bitcoin fluctuated around $87,000, attempting to consolidate recent gains. Although optimistic AI sentiment provided short-term support, market expectations for the year-end rally have gradually been eroded by reality. The positioning of options traders reveals a clear signal: limited upside potential, and the "rocket-like" frenzy is no longer expected.
Meanwhile, Ethereum followed the rotation of funds and edged higher, maintaining around $2,900. As traders tend to favor assets with clearer catalysts, Ethereum remains relatively strong, while Bitcoin's upward momentum appears weak.
AI sentiment fluctuates, and macro tailwinds are weakening
The news that Amazon pledged to invest $50 billion in U.S. AI and supercomputing infrastructure once ignited market optimism, especially boosting mining companies shifting toward AI infrastructure. However, this enthusiasm quickly cooled—Nvidia on Tuesday

When the global financial markets are in turmoil, investors often turn to the same indicator to gauge the level of market fear—that is the VIX Fear Index. This indicator, known as the "Fear Gauge" in the financial world, can soar to astonishing heights during market crashes and drop to single digits when markets are stable. Warren Buffett's famous quote, "Be fearful when others are greedy," is the perfect interpretation of the VIX Fear Index.
Unveiling the Mystery of the VIX Fear Index
The VIX Fear Index (Volatility Index) was created by the Chicago Board Options Exchange (CBOE) in 1993 to measure market participants' expectations of the S&P 500's volatility over the next 30 trading days. In simple terms, it reflects investors' expectations of future market volatility—not historical volatility data.
The core characteristic of the VIX Fear Index is its inverse nature: when the stock market declines

The recent performance of the Japanese Yen has indeed been disappointing. It broke below 157 in November, hitting a six-month low, which has attracted widespread attention from global investors. Many are asking: Will the Yen continue to depreciate? Is now a good time to invest in Yen? This article will analyze the underlying logic of the Yen exchange rate to help you understand possible future trends.
Why is the Yen caught in a continuous depreciation dilemma?
To understand the current predicament of the Yen, we must fundamentally recognize four main drivers:
1. The persistent US-Japan interest rate differential
Although the Bank of Japan is gradually raising interest rates in 2025, Japan's rates remain far below those of the United States. This creates a continuous arbitrage mechanism: investors borrow low-interest Yen and invest in higher-yielding US assets, resulting in ongoing selling pressure. Even if the Bank of Japan raises rates, the market remains cautious about future steps, unable to effectively boost the Yen's attractiveness.
2. The new government's fiscal expansion policies
October 2025, Takashi Goshi

Many investors, when dealing with dividend-paying stocks, are often troubled by a paradoxical phenomenon—why do stock prices experience significant fluctuations around the ex-dividend date? How can one profit from these fluctuations? In fact, the strategy of "buying heavily before the ex-dividend date and selling after" has an underlying market logic. Understanding this logic is crucial for short-term traders.
Theoretical Basis of Stock Price Fluctuations on the Ex-Dividend Date
First, it is important to clarify that a decline in stock price on the ex-dividend date is not inevitable, but price fluctuations are indeed inevitable.
From a technical perspective, when the ex-dividend date arrives, the company distributes cash dividends to shareholders, which means the company's assets are actually reduced. According to theoretical calculations, if a company's stock is valued at $35 per share before the ex-dividend date and it pays a $4 cash dividend per share, then the theoretical value of the stock after the ex-dividend date should adjust to $31.
However, based on historical market performance, stock price movements are not solely influenced by the ex-dividend event. The market

1. What is Futures? Basic Concept Explanation
What are futures? In simple terms, futures are standardized contracts where both parties agree in an exchange to buy or sell a specific underlying asset at a predetermined price at a future date. The underlying asset can be stock indices, crude oil, gold, foreign exchange, bonds, or various financial or physical commodities.
Core features of futures trading: After the buy and sell orders are matched on the exchange, the contract will specify a clear expiration date. At expiration, settlement must be made (physical delivery or cash settlement). The most popular futures trading product in Taiwan is the Taiwan Index Futures, which is based on the weighted index, and this is also the market most retail investors engage with.
2. Overview of Futures Contract Details
Each futures contract is defined with detailed specifications set by the exchange, including:
- Underlying product code and name
- Contract size (trading volume specifications)
- Minimum price fluctuation (the smallest unit of price movement)
- Delivery

Want to enter the stock market but can't tell the difference between listed, OTC, and emerging markets? This article helps clarify the essential differences among these three market layers, so you understand where to invest and how to manage risks.
Why is it important to distinguish between listed and OTC? A quick insight
The core difference between listed and OTC markets lies in regulation intensity and risk level. Simply put: being listed is like joining the formal military, with strict rules but the safest environment; OTC is like a free market, offering more opportunities but also more traps; emerging markets are entrepreneurial hubs, full of imagination but extremely risky.
Understanding these three market layers allows you to choose the right investment direction based on your risk tolerance.
Three-layer market overview: a table to understand the differences
| Dimension | Listed (TWSE/NYSE/NASDAQ) | OTC (TPEx/OTC) | Emerging Board |
|------|-----------

A shocking story: Wall Street's fastest loser
In March 2021, a hedge fund manager named Bill Hwang became a cautionary tale in the global financial world. In just 48 hours, his assets plummeted from their peak, losing $20 billion and shocking Wall Street. His story is not an isolated case but a true reflection of financing risks.
His approach seemed simple: select promising stocks and amplify investment returns with heavy leverage. This strategy was indeed effective in a bull market—he turned $220 million into $20 billion over 10 years. But when market volatility hit, this double-edged sword turned back on him.
What does a margin call mean: why did profits turn into losses?
To understand why Bill Hwang lost all his assets so quickly, first, you need to understand what financing is and how it can lead to margin calls.

Is the US Dollar Index really that important? If you're investing in US stocks, gold, forex, or Taiwan stocks, the answer is yes. Many investors find that the fluctuations of the US Dollar Index often determine the market trend—sometimes even more critical than individual stock performance. So, what exactly is this mysterious index measuring? Why does it have such a significant impact on the global financial markets?
What is the US Dollar Index? A "Global Capital Thermometer"
Many people are familiar with the "S&P 500" and the "Dow Jones Industrial Average," knowing they track a basket of stocks. The logic of the US Dollar Index (abbreviated as USDX or DXY) is similar, but instead of tracking stocks, it measures the relative strength of the US dollar against six major currencies.
These six currencies are:
- Euro (EUR)—the heaviest weighting, about 57%
- Japanese Yen (JPY)
- British Pound (GBP)
- Canadian Dollar (CAD)

As summer approaches, leading tourism stocks are entering the peak period of earnings recognition. From the "revenge travel" after the pandemic to the current "normalization of consumption," the tourism-related industry is undergoing a profound transformation. Although many companies face debt pressures and equity dilution, rising ticket prices and a rebound in foot traffic are also creating investment opportunities.
Investment Logic of Tourism Concept Stocks
The tourism industry covers a wide range of sectors, from food, accommodation, transportation, entertainment to itinerary planning, almost all aspects can be included in investment considerations. However, for many companies, their tourism business is just a side venture—hotels doing takeout, airlines turning into cargo carriers—making it essential for investors to focus on the "tourism revenue proportion" to accurately identify bottoming opportunities.
The pain experienced during the pandemic is now in the past. Companies are generally facing the long-term pressure of "high-interest debt." In 2022, under the global interest rate hike environment, many companies carried heavy debt burdens. Despite revenue rebounding to pre-pandemic levels or even higher,

The Bank of Japan delivered a textbook "plot twist" on Friday. Ueda Kazuo announced an increase in the policy interest rate to 0.75%—the highest in 30 years since 1995—yet the market's reaction was a cold shoulder: the yen against the dollar not only failed to appreciate but depreciated, with USD/JPY directly piercing 157.4, as if sending a silent message to policymakers—"We bet you won't dare to move again."
At the same time, Bitcoin dropped from above $91,000 to around $92,000, a decline of 2.72%. This asset, often regarded as a liquidity barometer, is flashing a dangerous signal of global capital contraction. Meanwhile, the US 10-year Treasury yield soared to 4.14%, with the steepening of the long end not due to an overheating economy, but because the world's largest buyer of US debt—Japanese institutional investors—are starting to waver.
5,000

Mastering candlestick chart analysis is an essential course for technical trading. Whether for short-term trading or long-term investing, understanding candlestick charts is the foundation for market assessment. This article will systematically explain the principles of candlestick construction, multi-timeframe applications, and key judgment rules in practical trading, helping you interpret market signals as accurately as professional traders.
Core Components of Candlestick Charts: Four Price Points Condensed into One Candlestick
Candlestick charts, also known as K-lines or candle charts, visually represent four key prices within a specific period (opening price, highest price, lowest price, closing price). Through different colors and shapes, candlestick charts can quickly convey market sentiment and price trends.
Main Components of a Candlestick:
A candlestick consists of a real body and shadows. The real body is the rectangular part in the middle, representing the price range between the opening and closing prices. If the closing price is higher than the opening price, the real body is typically displayed in red (bullish candle).

Why exchange to Japanese Yen now? Double benefits for investment and travel
When it comes to exchanging to Japanese Yen, many people only think of traveling to Japan, but in fact, the value of the Yen goes far beyond that.
In terms of travel expenses, shopping in Tokyo, skiing in Hokkaido, vacationing in Okinawa—these places rely heavily on cash, with only about 60% credit card penetration. Buying cosmetics, clothing, anime merchandise requires paying directly in Yen. Even for those planning to study abroad or work while traveling, they usually exchange currency in advance to avoid exchange rate fluctuations.
In the financial markets, the Yen is no simple currency. The Japanese Yen has long been one of the world's three major safe-haven currencies (alongside the US Dollar and Swiss Franc). When the market is turbulent, funds flow into safe assets—during the Russia-Ukraine conflict in 2022, the Yen appreciated 8% in a week, enough to buffer stock market declines. For Taiwanese investors, exchanging to Yen can hedge against Taiwan stock market risks. Plus, Japan's long-term ultra-low interest rate (only 0.5%) has led many to borrow Yen at low interest to invest in higher-yield USD assets (the US-Japan interest rate differential is 4.0%), creating significant arbitrage opportunities.

USD/JPY approaches 147.14 key resistance. Once broken, it could rise to 148.03 and higher levels. Escalating trade tensions are putting pressure on the yen. The Federal Reserve's June meeting minutes will influence interest rate expectations and may cause sharp fluctuations in USD/JPY.

In mid-December 2025, the exchange rate of the New Taiwan Dollar (NTD) to the Japanese Yen (JPY) has risen to 4.85. The wave of travel to Japan and the demand for Yen investments are simultaneously heating up. For the public looking to exchange for Yen, now is the critical moment. But how can you exchange in a cost-effective way? We will break down the main currency exchange channels in Taiwan, so you can grasp all the key points of Yen exchange in one go.
Why is the Yen worth your attention?
When it comes to foreign currency exchange, the Yen is always among the top few, but the reasons behind this are far more than just Japan travel.
Travel and Daily Consumption Aspects
Most stores in Japan still rely on cash transactions (credit card penetration is only about 60%). Whether shopping in Tokyo, skiing in Hokkaido, or vacationing in Okinawa, preparing sufficient cash is essential. Additionally, purchasing through agents, online shopping in Japan, or studying and working in Japan all require holding Yen directly for payments.
Importance from a Financial Investment Perspective
The international financial market lists the Yen as one of the three major safe-haven currencies (the other

Market Background: AI Valuation Concerns Continue to Weigh Down Stocks
Fund managers' cash holdings have fallen to 3.7%, a rare low since 2002, indicating excessive market participation concentration. Based on historical patterns, the Bank of America strategy team issues a warning that there is a risk of market correction in the next 1 to 3 months, while US Treasuries are expected to be relatively resilient. This Thursday, the US non-farm payroll data will set the tone for the Federal Reserve's December interest rate decision.
Gold Trends: Bottoming and Rebound Brewing
Gold rose by 0.4% on Wednesday (November 19), reaching a high of $4098, just shy of the round number. Although fluctuating within the $3890-$4225 range, holding above the $4000 psychological level suggests a short-term rebound is forming.
Key Levels for the Near Future:
- If resistance at $4100 is broken, the rally could continue to challenge the $4130 to $4220 zone
- Rebound

The market is holding its breath. The Federal Reserve's December interest rate decision on Tuesday has become the biggest focus in the cryptocurrency market recently. As the "shadow chairman," Hasset recently stated that current economic data create ample conditions for further easing, and the rate cut space could exceed 25 basis points, which is a strong signal to the market.
Meanwhile, subtle changes in the labor market are being amplified and interpreted. Although U.S. job vacancies in October slightly increased to 7.67 million, hiring activity has cooled down, and the wave of resignations is intensifying. This contradictory phenomenon points to a core issue: the employment market is quietly cooling. After the unemployment rate broke above 4.4% in September, reaching a four-year high, the internal tilt within the Federal Reserve towards rate cuts has become an unstoppable trend.
Internal Power Balance of the Federal Reserve
The three trustees appointed by Trump—Boman, Milan, and Waller—have already explicitly expressed support for a rate cut this month. The number 3 person

Price fluctuations affect every investor's nerves. When countries announce their Consumer Price Index (CPI), markets often experience intense volatility. What exactly is CPI, and why is this economic indicator so closely watched? This article will start from the basic concepts to help you understand the deep logic between this key indicator and investment.
The essence of the Consumer Price Index
CPI (Consumer Price Index) is an important economic indicator that measures changes in the price levels of general consumer goods and services. In simple terms, it reflects the overall inflation level by monitoring the cost changes of goods and services purchased daily by the public.
When you find that the same amount of money buys fewer and fewer things, it indicates that CPI is rising. If the CPI index increases rapidly, it means prices are rising significantly; conversely, a negative CPI reflects falling prices. This indicator is important because it directly affects people's living costs and investment returns.