Yen depreciation triggers linkage effects: multi-asset reactions under RMB-JPY exchange rate fluctuations

U.S. Eastern Time December 19 Morning Session, the global financial markets迎来 an important turning point. The Bank of Japan raised interest rates as scheduled by 25 basis points to 0.75% (a new high since 1995), but Governor Ueda Kazuo’s statements were less hawkish than market expectations, causing the yen to come under pressure. USD/JPY closed at 157.09, up 1.05%, and the RMB/JPY exchange rate also fluctuated, leading to subtle changes in the overall market risk appetite pattern.

Stock Market Futures Open Positively, Tech Stocks Lead the Rally

Affected by the weakening yen, risk assets received a boost. The three major U.S. stock index futures generally rose—Dow Jones futures up 0.14%, S&P 500 futures up 0.33%, Nasdaq 100 futures up 0.43%. Individual stocks performed even better, with NVIDIA (NVDA) rising 1.36%, Tesla (TSLA) up 1.13%, and Oracle (ORCL) gaining 5.95% amid progress on TikTok transactions and negotiations on OpenAI funding.

“Triple Witching” Sparks Trading Volume, Market Volatility Expands

Today also marks the quarterly occurrence of “Triple Witching”—the expiration date for a large concentration of options contracts. According to Goldman Sachs data, approximately $7.1 trillion in notional value of derivatives contracts are expiring, with $5 trillion related to the S&P 500, setting a record. Such high concentration expiration events typically trigger significant increases in trading volume and volatility, with markets closely watching whether the S&P 500 can hold above the 6800 level, a key support/resistance boundary.

Cryptocurrency Rebounds, Bitcoin and Ethereum Rise Together

The rising risk appetite in the market directly benefits digital assets. Bitcoin (BTC) is currently trading at $93,280, down 0.67% in 24 hours. Ethereum (ETH) is at $3,260, up 2.38% in 24 hours. Notably, about $23 billion worth of Bitcoin options contracts are set to expire next Friday, which may further amplify volatility in the crypto market.

Precious Metals Diverge, Capital Flows Reshape

The precious metals sector shows clear divergence. Platinum and palladium have risen for the seventh consecutive day, with platinum at $1,962 per ounce, up 0.66%, while gold remains near historic highs with slight adjustments. Analysts believe this reflects some funds flowing out of the heavily favored gold sector and into undervalued platinum and palladium, seeking higher volatility elasticity.

The market is currently at a confluence of multiple uncertainties—yen depreciation influences global risk appetite, changes in the RMB/JPY exchange rate may impact cross-border investments in Asia-Pacific, and the concentration of “Triple Witching” expirations could amplify asset price fluctuations in the short term. Investors should closely monitor key moments such as the S&P 500 and upcoming options expirations in the crypto cycle.