Trump expresses concern over yen depreciation; Japan's Finance Minister says Tokyo will coordinate closely with the U.S.

Crypto news outlet Market Insider reported that Hunter Biden-associated token LAPTOP has seen its market capitalization drop below $25 million, a 99.9% plunge from its launch, and estimated the project team reaped eight-figure profits. Hunter Biden, son of former U.S. President Joe Biden, responded that he had previously called the token launch "terrible", adding that relevant accounts are under review. He noted that the project team’s wallet has not sold any LAPTOP tokens to date, questioned the claim that the team cashed out an eight-figure sum, and demanded the person who made the estimate disclose the relevant wallet address.

On September 25, the U.S. Commodity Futures Trading Commission (CFTC) announced it had filed a lawsuit in the U.S. District Court for the Middle District of Florida against Cash FX Group and its CEO Huascar Jose Lopez Castillo, The Conversion Pros and its CEO Ronald Pope, and Justin Halladay. The CFTC alleges the defendants operated a multi-level marketing Ponzi scheme, illegally raising over $950 million from the public including U.S. residents, claiming the funds would be used to trade retail foreign exchange contracts and promising weekly investment returns of up to 15%. According to the CFTC, Cash FX only conducted a small amount of actual forex trading, misappropriating nearly all participants’ funds. It used money from new participants to pay out fraudulent trading profits to other participants, while also paying millions of dollars to the defendants. The company maintained the fraud by providing false account statements. The CFTC states that participants have lost at least $406 million, and it is currently seeking to recover funds, forfeit illegal proceeds, impose civil penalties, secure trading and registration bans, and obtain permanent injunctions barring the defendants from further violating the Commodity Exchange Act and CFTC regulations.

A senior Iranian official told Reuters that Iran will not make concessions on its nuclear program even if the U.S. accepts Iran’s proposal to reopen the Strait of Hormuz. The official added that the Strait of Hormuz will remain closed until the U.S. meets all of Iran’s conditions. Iranian Foreign Minister Al-Araghchi previously stated that Iran has put forward a seven-day plan, which includes ending hostilities in multiple regions, lifting the U.S. maritime blockade on Iranian ports, unfreezing frozen assets, and canceling oil sanctions, in return for reopening the critical waterway. (Jinshi)

Sources familiar with the matter said SK Hynix’s solid-state drive (SSD) division Solidigm plans to hold its initial public offering (IPO) as early as 2027, with a potential valuation of up to $150 billion at that time. Solidigm held roadshows with multiple banks this week to select underwriters and other relevant service providers for the IPO, sources added.

Bloomberg columnist John Authers says the "tectonic plates" of the global economy are shifting, with long-term government bond yields in major economies rising to multi-decade highs. Japan’s 10-year government bond yield has hit a 30-plus year high, while government borrowing costs in major markets like the U.S. have also climbed to levels not seen since before the global financial crisis. However, the current rise in bond yields has not yet significantly impacted stock markets or the real economy, with the Nasdaq 100 index hitting a new all-time high this week. The article attributes the recent sharp volatility in the bond market more to recent economic data that has consistently come in stronger than expected, and to Federal Reserve Chair Walsh adopting a more hawkish policy stance than markets had previously anticipated. Markets currently expect the U.S. overnight rate to reach 4.75% in a year, compared to a prior forecast of a drop to 3% before the outbreak of the Iran war. Authers notes that if the 10-year U.S. Treasury yield holds around 5%, the higher risk-free rate will make bonds more attractive relative to stocks and benefit the management of long-term funds such as pensions. However, if yields continue to rise rapidly, it could also exacerbate fiscal pressures and impact non-bank financial institutions and highly leveraged enterprises.

According to Bitget’s market data, Brent crude oil has slumped 4.00% intraday, currently trading at $96.71 per barrel. Against this backdrop, Al Jazeera reported that US-Iran negotiations have entered the technical consultation phase.