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Golden Ten Data reported on May 11 that after Japanese authorities intervened to support the yen, bearish positions on the yen dropped significantly, highlighting how official actions have curbed this crowded trade. According to data from the U.S. Commodity Futures Trading Commission (CFTC), during the week ending May 5, leveraged funds reduced their net short positions on the yen. Currently, their net short position stands at 61,340 contracts, worth approximately $4.9 billion, the lowest in nearly a month. Meanwhile, asset management institutions also reduced 13,839 short positions, bringing their holdings down to 10,653 contracts. “Given the risk of intervention and the strong official warnings, chasing the yen lower near the 160 level has lost its appeal,” said Stefan Rittner, Senior Portfolio Manager at Allianz Global Investors, who takes a neutral view on the USD/JPY exchange rate. However, he pointed out, “Although the yen valuation has become quite low, persistent structural headwinds limit its potential for a sustained rebound”; furthermore, if the USD/JPY rate approaches previous highs again, further intervention risks are also expected to increase.

Golden Finance May 11｜Optical module giant Lumentum will be officially included in the Nasdaq 100 Index on May 18, 2026, replacing the position of commercial real estate data analytics company CoStar Group. As early as March 23, 2026, Lumentum was already included in the S&P 500 Index, indicating that the stock entered both major U.S. benchmark indices within just two months. Lumentum's share price surged over 339% in 2025, and as of last Friday, has risen by 145% so far this year, with total market capitalization exceeding $70 billion.

On May 11, this week, the lack of consensus between the US and Iran has introduced new uncertainties in the international situation, causing a slight increase in crude oil prices. Additionally, this week's macroeconomic events will focus on the US April CPI data, as detailed below: On Tuesday at 15:15, FOMC permanent voting member and New York Fed President Williams will participate in a panel discussion on monetary policy; on Tuesday at 20:15, the weekly change in ADP employment numbers for the week ending April 25 will be released; on Tuesday at 20:30, the US April CPI data will be announced; on Wednesday at 04:30, API crude oil inventories for the week ending May 8 will be reported; on Wednesday at 20:30, the US April PPI year-on-year and month-on-month data will be released; on Friday at 05:30, Fed Governor Barr will give a speech; and on Friday at 21:15, the US April industrial production month-on-month data will be published. This week, the Federal Reserve will undergo significant personnel changes, with incoming Chairman Kevin Waller expected to be confirmed by the Senate on Monday and officially taking over from Powell on May 15. In the US stock market, futures for the three major indices showed a slight decline on Monday. Although the first quarter earnings season is nearing its end, corporate reports will still be a key driver of stock prices in the coming days.