The Bank of Japan raised interest rates to 0.75% but did not provide clear guidance on subsequent steps, leading to a depreciation of the yen and a rise in the US dollar to 157.09, which stimulated global capital flows into risk assets. US stock futures surged across the board, with technology stocks performing notably well. Today is "Triple Witching Day," with active options markets expected to increase volatility. The cryptocurrency market rebounded, while precious metals showed mixed performance, and investors should pay attention to potential risk management.

The Federal Reserve is about to announce its interest rate decision, and the market expects a possible "hawkish rate cut." If Powell emphasizes a high threshold for rate cuts, the US dollar will rebound, affecting the euro's trend; US stocks and gold may come under pressure due to profit-taking and dollar appreciation. Bitcoin is more affected by the Federal Reserve's liquidity policies and is highly sensitive to potential quantitative tightening signals.

The Bank of Japan announced a 25 basis point rate hike on December 19, pushing the policy interest rate to 0.75%, reaching a nearly 30-year high. However, what surprised the market was that this "hawkish" move not only failed to support the yen but instead led to a weakening of the yen in the foreign exchange market, with the yen against the RMB also coming under pressure.
Does the Bank of Japan's rate hike actually hurt the yen? The interest rate differential paradox emerges
On the surface, Japan's continuous rate hikes should attract arbitrage closing positions, thereby pushing up the yen. But the reality is quite the opposite—the USD/JPY exchange rate has risen, and market demand for the yen has not increased.
Felix Ryan, an analyst at ANZ Bank, pointed out that the fundamental reason for this phenomenon lies in the interest rate differential environment. Although the Bank of Japan has begun a rate hike cycle, the Federal Reserve remains relatively accommodative, and the interest rate advantage between Japan and the US still favors the dollar. In this context, investors, considering interest rate arbitrage, still prefer to hold dollars.

Derivative financial products are tradable contracts based on the prices of underlying assets, featuring leverage effects, two-way trading, and risk hedging functions. Investors can speculate, hedge risks, or arbitrage, but must possess professional knowledge to manage high risks. Suitable for professional traders and corporate entities, but not recommended for beginners. Success depends on understanding the market and risk management.

RMB internationalization is no longer just talk. Goldman Sachs' latest analysis points out that under the orderly promotion by the Chinese government, the RMB appreciation trend will continue to strengthen. It is expected that by 2026, the USD to RMB exchange rate will further rise to 6.85, about 5% higher than the current level.
This judgment is not made out of thin air. The recent performance of the RMB has already shown everything— as of November 26, the USD to RMB (onshore) exchange rate fell to 7.0824, and the offshore price even refreshed to 7.0779, hitting a one-year low. Meanwhile, the CFETS RMB exchange rate index rose to 98.22 on November 21, reaching a new high since April this year.
Policy-driven or market consensus?
The drivers of RMB appreciation are dual. On one hand, the Federal Reserve has entered a rate cut cycle, reducing the attractiveness of the USD; on the other hand, more importantly, the orderly guidance by the People's Bank of China—the daily setting of the midpoint rate has continued to rise, with state-owned

Investment in cryptocurrencies carries certain risks that you must be aware of. Although Bitcoin and other digital assets attract many investors due to their high return potential, the scams associated with them are also constantly evolving. According to the latest statistics, cryptocurrency-related fraud cases are growing exponentially, and many novice investors, lacking sufficient vigilance, have become "cash machines" for malicious actors. This article will provide a detailed breakdown of the most common cryptocurrency scam methods on the market and teach you how to protect yourself in this market full of opportunities but also filled with traps.
Why Have Cryptocurrencies Become Scammers' Paradise?
Lack of Traceability Is the Main Culprit
Unlike traditional bank transfers, once a cryptocurrency transaction occurs, it is essentially irreversible or untraceable. Scam groups have taken advantage of this, using it as a perfect tool for "money laundering" and "fraud." Compared to the bank system, which requires multiple approvals, the decentralized nature of virtual currencies allows scammers to

What exactly is EPS telling us?
Every number on a financial report represents a different aspect of the company, and Earnings Per Share (EPS) may be the most straightforward indicator of a company's profitability. Simply put, EPS is the company's net profit divided evenly among each share, allowing investors to quickly assess: how much does the company earn per dollar invested?
The full English name of EPS is Earnings Per Share. It measures the profit generated for each common share. If stock prices reflect market expectations of the company, then EPS reflects the company's actual profit results. That’s why many investors use EPS as a core reference when evaluating a company's value.
How to Calculate EPS: From Financial Data to Investment Decisions
Basic Calculation Formula
The method for calculating EPS is not complicated:
EPS = (Net Profit

Have you ever noticed that when buying and selling the same currency pair on a trading platform, the prices you see are actually different? That invisible price difference is how exchanges and brokers quietly make money from you. This spread is also called the bid-ask spread.
The spread is an invisible cost of trading
Imagine when you want to buy euros against US dollars, you see two prices:
- Ask Price (ASK): The price you pay, the quote the broker offers you
- Bid Price (BID): The price you can sell at, the quote the broker provides
These two prices will never be the same. The ask price is always higher than the bid price, and the difference between them is the spread. This is the main way "no-commission brokers" make a profit—they don’t charge you explicit fees but earn through the spread.
Simply put, it’s like the broker buying from you at a lower price and selling to you at a higher price, making a profit from this difference. The trading fee is not

Why is it so difficult to choose an exchange?
According to CoinMarketCap data, there are over 800 virtual currency exchanges worldwide, covering various types such as spot trading, derivatives, decentralized exchanges (DEX), lending, and more. Many platforms have their own features, but they also hide risks— the FTX collapse is a stark lesson, where users lost everything due to platform misappropriation of funds.
For beginners, selecting a satisfactory Bitcoin trading platform in this industry with still-incomplete regulation is indeed a challenge. Choosing the wrong one could lead to fund risks, while the right choice can significantly reduce trading costs. This article will systematically introduce the six core standards for selecting a cryptocurrency exchange to help you avoid common pitfalls.
The fundamentals of major global exchanges
Currently, global virtual currency exchanges are mainly divided into:
Spot exchanges: directly buy and sell digital assets, with about 252 platforms involved
Derivatives trading

Palladium (Pd) as a "dark horse" in the precious metals market is attracting increasing attention from investors due to its tight supply, rigid demand, and price volatility characteristics. As an element with significant industrial application value, the investment logic of palladium is entirely different from traditional safe-haven assets. This article will analyze the price trajectory of palladium over the past decade, the current market landscape, and provide investment outlooks for 2025 and beyond.
Palladium's Industrial Identity: Why Is Supply Falling Short?
Palladium was discovered in 1803 by British chemist William Hyde Wollaston in platinum ore. Named after the Greek goddess of wisdom, Athena (Pallas-Athena), the element was called Palladium, reflecting humanity's regard for this rare metal.
From a property perspective, palladium is characterized by high hardness and stability

By December 10, 2025, the Taiwanese dollar to Japanese yen exchange rate has reached 4.85, appreciating 8.7% from 4.46 at the beginning of the year. As travel to Japan rebounds and demand for safe-haven assets increases, purchasing yen has become a focus for many Taiwanese people and investors. However, there are many ways to buy yen, with differences in exchange rates, handling fees, and withdrawal restrictions. Being unaware can lead to unnecessary extra costs. This article summarizes the four most practical channels for purchasing yen in Taiwan, helping you find the best balance between cost and convenience.
Before Buying Yen: Understand Basic Concepts
Before choosing a method to buy yen, it’s important to understand two key exchange rate concepts.
Difference Between Cash Rate and Spot Rate
The cash rate (Cash Rate) is the buy and sell exchange rate offered by banks for physical cash (banknotes/coins), usually 1-2% higher than the spot rate. This is because banks need to bear the costs of transporting, storing, and counting cash.

Why focus on raw material stocks now?
After years of being suppressed by high interest rate environments and weak import demand from China, raw material stocks have been long neglected by the market. However, the situation is changing — China has introduced a series of economic stimulus policies, and global central banks are entering a rate-cutting cycle. These changes present new investment opportunities for raw material stocks.
Raw material stocks refer to companies engaged in mining, extraction, and refining natural resources, including sectors like agriculture, mining, and oil. For example, Brazil's Vale (VALE3) is the world's largest iron ore producer, while ExxonMobil (XOM) is a major oil giant. The stock performance of these companies is closely linked to raw material prices and market supply and demand.
Seven Key Indicators for Investing in Raw Material Stocks
Before investing in raw material stocks, investors should focus on the following indicators:
Demand-side analysis — The demand for industrial raw materials (cement, iron ore, copper ore) primarily depends on

Margin call中文全解：保证金追缴通知何时砸向你
In leveraged trading, "margin call" in Chinese corresponds to "保证金追缴通知," which is a serious signal sent by the trading platform to the account holder—your account has triggered the risk warning line.
Specifically, when a position established with leverage experiences floating losses that cause the available margin in the account to fall below the platform's minimum requirement, the platform will initiate a margin call. At this point, traders face two options: either voluntarily close some or all positions to release margin, or immediately inject new funds into the account. Otherwise, the platform has the right to forcibly execute stop-loss and close positions.
Margin level is a key indicator of account risk
Understanding "margin call" in Chinese requires grasping the core concept of "margin level." The margin level is expressed as a percentage and reflects the ratio of the account's equity to the used margin.

In forex trading, a "lot" is a unit of trading volume, mainly divided into standard lots, mini lots, micro lots, and nano lots, which affect profit and risk. Through leverage, investors can control large trades with a small amount of capital, but they need to carefully manage risk and set stop-losses. Understanding these concepts helps to master forex trading.

Federal Reserve Chair Powell is scheduled to deliver a speech at the Jackson Hole Symposium. Market expectations suggest his remarks will signal a hawkish stance, reduce expectations for rate cuts, leading to a strengthening dollar and pressure on gold. US stock futures rose slightly, but individual stock performance was mixed. The crypto market is watching Powell's speech for its impact on Bitcoin, with markets closely monitoring changes in policy signals.

Since 2025, the USD to RMB exchange rate has gradually appreciated, with a total increase of 2.40% for the year. The main driving factors are the improvement in China-U.S. trade relations and the market's undervaluation of the RMB. Investment institutions generally expect the RMB to enter a new appreciation cycle, and future exchange rate trends will still be influenced by Federal Reserve policies and China-U.S. trade dynamics. Investors should pay attention to official exchange rate policies, macroeconomic data, and capital flows to assess market trends.

Why are traders all talking about leverage?
Anyone who has been involved in the crypto or forex markets has probably heard the word "leverage." But many beginners feel both excited and fearful about leverage—because it can amplify profits but also magnify losses.
In simple terms, leverage is the ability to control a large trading position with a small amount of capital (margin). For example, you have $1,000 but want to trade a $100,000 position—that's leverage at work. The broker's key role is to lend you the remaining $99,000 but require you to set aside $1,000 as "security," which is called margin.
Leverage ratio and margin requirements
Different leverage multiples correspond to different margin requirements:
Leverage 1:20 → requires 5% margin
Leverage 1:50 → requires 2% margin
Leverage 1:100 → requires 1% margin
Leverage 1:20