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THIS IS "THE ASIA TRADE," A JUMP IN THE END HAS TRADERS ON HIGH ALERT FOR SIGNS OF INTERVENTION TO SUPPORT THE JAPANESE CURRENCY, WITH BETS FIRMING ON A BOJ BET -- HIKE THIS MIGHT -- MONTH. ASIA STOCKS, WALL STREET SNAPPING A THREE-DAY DECLINE WITH SOLID CORPORATE EARNINGS. SNOWFLAKE SOARING IN LATE TRADE AFTER RAISING THE SALES OUTLOOK AND TOUTING RAPID ADOPTION OF THE AI CODING TOOL. BROADCOM PREDICTING A SURGE IN AI CHIP SALES BUT SEEING SOME DESIGNS IN THE AFTER HOURS -- DECLINES IN THE AFTER HOURS SESSION.

AND THE TRUMP ADMINISTRATION CONTENDERS A FRESH ROUND OF TARIFFS ON CHIP IMPORTS.

HAIDI: TAKE A LOOK FOR THE SET UP ACROSS ASIA, JAPAN WILL BE FRONT AND CENTER TODAY, PARTICULARLY WHEN IT COMES TO THE BIG MOVE THAT WE SAW IN JGB WITH A SHARP RISE IN THE YEN LEAVING TRADERS REALLY ALERT TO POTENTIALLY LOOKING FOR EVIDENCE THAT AUTHORITIES WILL BE TAKING FURTHER ACTION TO SUPPORT THE YEN WITH A GAIN OF AS MUCH AS 1.2%, BRIEFLY STOKING SPECULATION THAT WE WERE ALREADY SEEING OFFICIALS CONTACTING A CHECK ON THE FX RATE.

ALREADY REMEMBER 96.4 BILLION SPENT BY JAPAN OVER THE PAST MONTH TO SUPPORT THE YEN AFTER IT FELL TO A FOUR DECADE LOW ACCORDING TO THE FINANCE MINISTRY DATA WE HAVE SEEN. THAT'S THE PICTURE AS WE HEAD INTO THE START OF TRADING IN THE NIKKEI IS LOOKING LIKE IT'S A PRETTY ROBUST START TO TRADING WHEN IT COMES TO KOREA AND THE A AND AI HEAVY NAMES WITH BROADCOM PREDICTING A BOOM IN SALES OVER THE NEXT TWO YEARS INJECTING A BIT OF A RENEWAL IN THE ENTHUSIASM FOR THE TRADE.

PART OF WHAT'S ALSO LEADING TO THIS RENEWED ENTHUSIASM OR BETTER OUTLOOK FOR STOCKS AS WE GO INTO THE THURSDAY SESSION HERE IN ASIA IS ALSO THE PULL BACK RELATIVELY WHEN IT COMES TO OIL PRICES. TAKE A LOOK AT WHAT WE ARE SEEING WHEN IT COMES TO OIL AT THE MOMENT, PRESIDENT TRUMP PLAYING DOWN THE PROSPECT OF WHAT COULD BE A PROLONGED CONFLICT WITH IRAN. THERE HAS OF COURSE BEEN A LOT OF SENSITIVITY TO THESE DEVELOPMENTS WITH THE RE-ESCALATION OF MILITARY ACTION AND A GREAT DEAL OF UNCERTAINTY OVER WHAT HAPPENS WITH THE STRAIT OF HORMUZ AND THAT THREE-DAY GAIN HOLDING FOR BRENT CRUDE.

SHERY: WE ARE VERY MUCH ON HIGH ALERT IN JAPAN AS WE WATCH THE JAPANESE YEN. LET'S GET TO THE LATEST CURRENCY MOVES WITH MARK CRANFIELD. MARK, THERE WAS NO CLEAR EVIDENCE THAT JAPANESE AUTHORITIES HAD ACTUALLY TAKEN ANY SORT OF ACTION. WHAT DO WE UNDERSTAND TO BE THE CATALYST FOR THE LATEST SPIKE? MARK: MOST LIKELY IT WAS THE COMMENTS FROM THE BANK OF JAPAN YESTERDAY. HE SAID THAT THE BANK OF JAPAN COULD CONSIDER A BIGGER THAN USUAL INTEREST RATE MOVE.

SOME PEOPLE ARE SPECULATING THAT THERE IS A CHANCE THEY WILL DISCUSS A 50 BASIS POINTS INCREASE IN RATES RATHER THAN THE NORMAL 25 BASIS POINTS AND HE RAISED THE POSSIBILITY THAT THEY COULD DO BACK TO BACK INTEREST RATE HIKES AS WELL, WHICH AGAIN IS SOMETHING MOST TRADERS WERE NOT EXPECTING. THEY WERE NOT EXPECTING ANY CHANCE IN SEPTEMBER OR OCTOBER HIKES. HE IS A HAWK. HE'S VOTED CONSISTENTLY FOR RATE HIKES TO SOME EXTENT BUT THIS IS THE FIRST TIME PUBLICLY THAT THIS COULD BE A BIGGER THAN 25 BASIS POINTS HIKE.

ON A DAY WHERE THERE WASN'T MUCH GOING ON IN THE FOREIGN EXCHANGE MARKET, IT'S THE WEEK BEFORE LABOR DAY AND TRADITIONALLY A LOT OF SENIOR TRADERS ARE NOT AROUND. A DAY WERE YOU COULD MOVE THE MARKET WITHOUT TOO MUCH TROUBLE, WHICH IS PRETTY MUCH WHAT HAPPENED IN NEW YORK. IT GIVES THE RUNNING BETWEEN NOW AND THE JANK -- BANK OF JAPAN MEETING AND A COUPLE OF WEEKS TIME MAKING THE YEN MORE INTERESTING THEN IT WOULD HAVE BEEN OTHERWISE.

PEOPLE WILL BE LOOKING FOR ANYBODY ELSE WHO MAY JOIN HIM IN LOOKING FOR A BIGGER INTEREST RATE HIKE. IT'S OUT THERE. THERE'S ALSO SPECULATION THAT THE PENSION FUND MAY START TO MOVE MORE MONEY TO THE LONG END OF THE JAPANESE MARKET WITH A THIRD-YEAR YEAR AUCTION TODAY THAT MAY SHOW DECENT SUPPORT THERE, BUT FOR THE RECORD THE LAST TIME THE BANK OF JAPAN RAISED INTEREST RATES BY 50 BASIS POINTS WAS 1990, SO IT HAS BEEN A PRETTY LONG TIME.

SHERY: SO, WHAT ARE THE EXPECTATIONS, THEN, FOR WHAT THE BOJ DOES NEXT, COULD IT HAVE ANY LASTING IMPACT ON THE JAPANESE YEN, OR EVEN JGB'S? WE'VE SEEN THE FINANCE MINISTER TRYING TO CALM DOWN MARKETS ON THE SCIENCE OF THE G20 TALKING ABOUT YIELDS.

WHAT HE NEEDS IS THE BANK OF JAPAN TO RAISE INTEREST RATES. SEPTEMBER IS FULLY PRICED IN AND IT LOOKS LIKE HE WILL BE GOING AHEAD WITH THAT AND AT THE SAME TIME INVESTORS WILL WANT TO SEE THAT THE JAPANESE GOVERNMENT IS GETTING SERIOUS ABOUT REINING IN THEIR FISCAL DEFICITS. THERE HAVE BEEN SOME IMPROVEMENTS, THEY ARE STILL TALKING ABOUT PRETTY BIG NUMBERS IN TERMS OF SPENDING BUT REVENUE IS IMPROVING. IF THEY CAN GET THE BALANCE RIGHT AND CONVINCE THE INVESTMENT WORLD THAT JAPAN IS ON A BETTER PATH, A MORE SUSTAINABLE PATH IN TERMS OF DEFICITS, THAT WILL ENGENDER A LOT MORE CONFIDENCE IN THE BOND MARKET.

WE ARE STARTING TO SEE SOME IMPACT AT THE LONG END, BUT NOT SO MUCH ON THE SHORT END OF THE CURVE. THINGS ARE MOVING IN FAVOR OF JAPANESE ASSETS, THE CURRENCY IN THE BOND, BUT IT'S VERY EARLY STAGES AND YOU CAN TELL THERE IS A LOT OF SKEPTICISM BECAUSE FOR A LONG TIME IT'S BEEN THIS SITUATION WHERE THERE WAS A NEGLECT OF THE CURRENCY AND THEY ARE JUST ALLOWING THE DEFICITS TO GET WIDER AND WIDER. IT HASN'T BEEN A GOOD RECIPE FOR JAPAN WITHOUT EQUITY MARKET HOLDING UP PRETTY WELL.

IF THEY START TO GET SERIOUS, MAYBE WITH A NUDGE FROM THE U.S., MAYBE SCOTT BESSENT'S WORDS STARTING TO IMPACT JAPAN. IF THOSE THINGS COME TOGETHER THINGS WILL LOOK BRIGHTER FOR THE LATER PART OF THE YEAR, BUT THAT'S A VERY BIG E -- VERY BIG IF. TRADERS NEED A LOT OF CONVINCING. THEY'VE BEEN LET DOWN MANY TIMES AND IT COULD HAPPEN AGAIN AFTER THE NEXT BANK OF JAPAN MEETING. SHERY: WELL, LET'S GET TO THE AI TRADE. SWINGING AS THE CI PREDICTED AI CHIP REVENUE WOULD DOUBLE IN EACH OF THE NEXT TWO YEARS AND EARLIER IN THEIR QUARTERLY RESULTS THEY HAD UNDERWHELMED INVESTORS.

OUR SENIOR SEMICONDUCTOR ANALYST JOINS US FROM SAN FRANCISCO. IT WAS QUITE A RIDE INTERPRETING THIS INFORMATION IN THE FORECAST, CERTAINLY THE FOURTH QUARTER FORECAST WAS INITIALLY DISAPPOINTING. TAKE US THROUGH WHAT IS A POSITIVE, WHAT'S ENCOURAGING AND WHAT MIGHT BE CONCERNING.

YOU KNOW, LIKE YOU SAID, INITIALLY IT LOOKED LIKE EVEN WHEN THEY GUIDED THROUGH FISCAL 27 IN THE STREET WAS HIGHER. NEAR TERM THAT DOESN'T SEEM TO HAVE A LOT A BIG UPSIDE, APPARENTLY, FROM THE COMPANY PERSPECTIVE. IT COULD GET HIGHER THAN THAT 115. THE KEY POSITIVE WAS THAT REALLY HIGH GUIDANCE OF 230 BILLION FOR THE FISCAL 28 AI REVENUES. TO PUT IT IN PERSPECTIVE, THIS CREATED SOMEWHERE AROUND 180 SORT OF BILLION DOLLARS THERE.

THAT WAS A POSITIVE BUT MORE THAN THAT IT WAS THE FIRST TIME EVER THEY HAD LAID OUT CLEARLY THEIR TOP FOUR NEW CUSTOMERS. GOOGLE, OPENAI, META, ANTHROPIC, THAT THEY WILL BE DEPLOYING FOR 27 AND 28 IN DETAIL. THIS IS SOMETHING THE COMPANY HAS NOT DONE IN THE PAST AND IT SPEAKS TO THE PRESSURE OF COMPANY IS FACING AROUND THESE PROGRAMS WITH THE ANGST AMONGST INVESTORS AROUND DEMAND CONTINUING IN 2028. HAIDI: WHAT ABOUT THE COMPETITION?

ABBE POSITIONED THEMSELVES AS A KEY ALTERNATIVE TO NVIDIA AND EVEN KIND OF POKE FUN A BIT AT NVIDIA, SAYING THAT SHIP THAT THEY ARE DEVELOPING, THE NEW VERSION WITH GOOGLE IS JUST AS GOOD IF NOT BETTER THAN RUBEN. HOW DO YOU SEE THAT MARKET SEGMENT AT THE MOMENT? KUNJAN: SO, I MEAN BROADCOM IS CLEARLY -- CURRENTLY THE NUMBER OVER ON SHIPS, WITH CHIPS LIKE NVIDIA SUPPORTING THOSE CUSTOM CHIPS, WHICH ARE ON A TEAR RIGHT NOW.

WE DON'T SEE ANY OF THIS COMPARATIVE WISE THERE. HOWEVER THERE IS MORE RISK COMING FROM MEDIATECH, A TOP GOOGLE CUSTOMER. FROM WHAT THEY LAID OUT TODAY THEY ARE SEEING MORE DIVERSE -- SEEING MORE DIVERSIFICATION. THEY ARE SEEING A LOT MORE GROWTH COMING FROM NEW CUSTOMER PROGRAMS, SPECIFICALLY FRONTIER LABS. THAT SHOULD EASE THAT COMPETITIVE QUESTION. HAIDI: KUNJAN SOBHANI THERE IN SAN FRANCISCO. GAINS ON WALL STREET ARE MIXED AFTER THE LIKES OF BROADCOM AND HP.

THE YEN IS IN FOCUS FOR JAPAN. LET'S GET PAU

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