Morning Bid: Yen sinks as BOJ holds - and it's the KOSPI's best day

• South Korea's KOSPI jumped 17% despite remaining on track for a 25% monthly loss in July, its worst since the 1997 Asian financial crisis
• Korean chipmakers Samsung Electronics and SK Hynix soared nearly 30% following positive earnings from Amazon and Intel, while Taiwan's market gained over 7%
• Currency interventions by Japan and South Korea on Thursday provided only temporary support, with the yen resuming its decline after the BOJ kept rates unchanged as expected

Market Summary: Asian Markets Surge as BOJ Holds Rates; Yen Weakens

Asian markets staged a dramatic rebound Friday following this week's tech selloff, while the yen resumed its decline after the Bank of Japan maintained interest rates as expected.

Key Market Movements:

• South Korea's KOSPI surged as much as 17%, marking a record daily gain, though still on track for a nearly 25% monthly loss in July—its worst since the 1997 Asian financial crisis
• Taiwan's markets jumped over 7%; Japan's Nikkei 225 climbed more than 5%
• Korean chipmakers led gains: Samsung Electronics and SK Hynix soared nearly 30%
• U.S. chip index rose 4.7%; S&P 500 e-mini futures gained 0.3%
• European futures advanced 0.6%, with German DAX up 0.4% and FTSE futures up 0.4%

Currency Developments:

The Japanese yen weakened to 160.69 against the dollar after the BOJ held rates steady, despite unprecedented intervention by Japanese and Korean authorities Thursday to strengthen their currencies. The won also reversed some overnight gains after reaching a nine-month high. This marked Seoul's rare intervention and Tokyo's latest attempt this year to halt the yen's decline.

Corporate News:

Positive earnings from Amazon and Sony boosted sentiment, while Apple disappointed due to chipmaking bottlenecks.

Upcoming Events:

• Major earnings: ExxonMobil, Chevron, AbbVie, NatWest, ITV, Puma, Taylor Wimpey
• Economic data: UK house prices, Eurozone and French CPI, German unemployment
• UK debt auctions for 1-month, 3-month, and 6-month government securities

The volatile session reflects ongoing uncertainty in tech sectors and currency markets amid central bank policy decisions.