Financial Markets Update 15 December 2025
BoJ on Friday: last call at the bar, for the year
News Overnight
UK GDP lower and disinflation in Germany set a sombre turn for markets, and with the AI trade and particularly Oracle debt hanging over the market, equities bore the brunt. Gold and Silver pushed higher but were squashed by London and COMEX at the close.
It’s going to quiet this week but the Bank of Japan on Friday could change all that.
Breaking
UK bankers warn on plan to use Russian assets for loans to Ukraine
“This Is Very Risky”: China Silver-Fund Manager Issues Warnings As Premiums Soar [Zerohedge]
Bank of Japan set for first rate hike in 11 months [Nikkei Asia]
China’s Last ‘Too-Big-to-Fail’ Housing Giant Loses State Support [Bloomberg]
Russia sues Euroclear over frozen assets [FT]
Gold and Silver Allowed for First Time in Indian Pension System [Bloomberg]
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USD/YEN Update 15 December 2025
On the weekly, the bull flag is established but not mature yet. We can pause for a few weeks before the fun and games start. Upside targets are 158.90 and 162.00. We could get through 154.30 on a big spike down in the USD with 152.80 the inflection point, just above where our stop is.
Japan 10 Year Yield Update 15 December 2025
Yield hits the top of the trend channel on the weekly for the first time since March. We haven’t quite hit 2% so expect a bit more strength going into the meeting on Friday.
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Nikkei 225
On the weekly, the massive rally since we pushed off the triple bottom at 30,375 doesn’t seem to be stopping, and it’s not overbought.
Gold Update 15 December 2025
Gold’s bubbling up again but can’t help feel that it still needs a few more months of consolidation before the inevitable move higher. Getting through 4,400 could push price to 5,000 and that we be a huge psychological level.
Economic Indicators This Week
