On the 9th of October, the foreign exchange market in New York saw a notable increase in the value of the Japanese yen against the US dollar, reaching approximately 155 yen per dollar. This rise was influenced by a report from Bloomberg which indicated that Chinese regulatory authorities had suggested major domestic banks reduce their holdings of US Treasury bonds. The speculation of increased yen buying and dollar selling followed this report, which spurred trading activity.

According to Bloomberg's sources, the Chinese government is advising banks to limit their US Treasury purchases, particularly instructing those with high ownership ratios to decrease their holdings. This directive seems to stem from a risk diversification strategy, highlighting concerns over the decreasing demand for US debt and the dollar. Consequently, the yen appreciated significantly, translating to an increase of more than 1.50 yen against the dollar since the previous week.

Additionally, on the same day, the New York Stock Exchange experienced subtle gains with the Dow Jones Industrial Average hitting a new record for the second consecutive trading day, closing at 50,135.87 points, up 20.20 points (0.04%) from the previous close. This trend in the stock market appears to be buoyed by investments in technology stocks, reflecting investors' optimism in sectors that continue to show resilience and growth amid shifting currency dynamics.