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The platinum supply dilemma worsens as South Africa faces challenges such as aging mines and an energy crisis, leading to market shortages and record-high prices. The supply gap is expected to persist until 2029 and will drive platinum prices to reach the target range of $2,170 to $2,300 by 2026. The shift in capital flow toward platinum is driven by structural supply shortages and the Federal Reserve's dovish policies.

1. Key Points of US Stock Market ADRs
What is an ADR? The American Depositary Receipt (ADR) is a security issued by a U.S. depositary bank representing shares of a foreign company. These ADRs are traded on NASDAQ, the New York Stock Exchange, and over-the-counter markets, serving as the primary tool for foreign companies to access the U.S. stock market.
Why are ADRs important? For foreign companies, issuing ADRs allows them to bypass the complex process of traditional listing while gaining access to U.S. capital markets. For investors, ADRs enable direct trading of foreign company stocks on the U.S. stock market without the need to open offshore securities accounts or engage in complicated currency exchanges. However, investors should consider liquidity, exchange rate risk, and additional transaction costs.
2. How Do ADRs Work?
When a foreign company wishes to issue shares on the U.S. stock market

"Closing is the true battleground," "Futures night trading can be unlimited"—you've probably heard these words many times. But when you actually open your trading software and look at the quotes from different time zones and the various trading rules, you often find yourself confused. Today, let's clarify the differences between the US stock after-hours trading and the US futures night trading.
Why are more and more people paying attention to after-hours trading?
Traditional US stock trading hours are from 9:30 AM to 4:00 PM Eastern Time, which means investors in other time zones around the world either have to wake up in the middle of the night or wait until the next trading day. The emergence of electronic trading has broken this limitation, making trading truly a "global village"—whether you're in New York, London, or Taipei, you can participate in the market at suitable times.
However, US stock after-hours trading and US futures night trading are not the same thing. The former mainly refers to after-hours stock trading, which has relatively fixed hours; the latter includes crude oil, gold, various futures products,

From 2024 to 2025, gold prices rose due to trade policy uncertainties, interest rate trends, and increased holdings by global central banks, reaching levels close to a 30-year high. Short-term traders can seize volatility opportunities, while beginners should exercise caution when entering the market. Long-term holders need to pay attention to trading costs and risks, and diversified investments are more prudent.

The Fed's dovish stance is triggering a fierce adjustment in global markets. The US dollar index has fallen to a low of 98.313, depreciating over 9% year-to-date, and behind this decline is a fundamental reassessment of monetary policy outlook. The key question is: will this dollar weakness continue, or is it just a short-term correction?
Dovish signals trigger a major capital shift
Although the December Federal Reserve decision aligned with expectations by cutting interest rates by 25 basis points, Chairman Powell's message at the press conference disappointed the market greatly. He hinted that the January meeting might pause rate cuts, while emphasizing that current interest rates are already in a "neutral range," and subsequent decisions will be driven by economic data.
This seemingly cautious language has sparked optimistic expectations among investors. Market pricing indicates that investors are betting on two more rate cuts (about 50 basis points) in 2025, but the Fed's newly released dot plot only maintains expectations for one rate cut median. This huge

On the 23rd, the investment atmosphere in Taiwan focused on a rarely noticed industry stock among retail investors. Koyo Electronics(1785) surged strongly during today’s trading session, hitting the daily limit, and closed at 69.3 NT dollars. This price level has been the highest in over 18 months since July last year. But what’s truly worth deeper investigation is not just the stock reaching a new high, but the three forces behind this rally— which one is the most sustainable?
Bullish signals from both capital flow and technical analysis: institutional investors correcting and replenishing their positions
From the candlestick chart, Koyo Electronics’ trend is extremely clean. The stock price broke through the 60-64 NT dollar consolidation zone in a volume-driven gap, forming a beautiful breakout gap. What does this mean? The trapped shareholders have been cleared, and the bulls’ attacking momentum faces no resistance.
More importantly, the movement of capital. According to after-hours statistics, foreign institutional investors bought a large amount of Koyo Electronics today, which for the previous period was relatively

Why is the Japanese Yen worth paying attention to?
When it comes to exchanging foreign currency, Taiwanese people most often think of the Japanese Yen. This is not only because Japan is a popular travel destination, but also because the Yen plays an important role in daily consumption and asset allocation.
Living aspects: travel, purchasing agents, studying abroad essentials
Cash transactions in Japan still dominate; most stores in Tokyo and Osaka prefer cash (credit card penetration rate is about 60%). People who like to buy Japanese cosmetics, clothing, and anime merchandise often need to pay directly in Yen to purchasing agents or Japanese e-commerce platforms. Those planning to stay in Japan long-term usually exchange currency in advance to lock in exchange rate costs.
Investment aspects: one of the world's three major safe-haven assets
The Yen, along with the US Dollar and Swiss Franc, is one of the world's three major safe-haven currencies due to Japan's stable economy and relatively sound government bonds. During market volatility, capital tends to flow into the Yen—during the Russia-Ukraine conflict in 2022, the Yen appreciated 8% in a single week, successfully offsetting stock market declines of over 10%. For Taiwanese investors,

By December 2025, the Taiwanese dollar has reached 4.85 against the Japanese Yen. This is not only a signal of the travel season but also an investment opportunity. Many people are thinking about exchanging Yen to visit Japan, but the underlying logic goes far beyond that— as one of the world's three major safe-haven currencies, the Yen is becoming a key asset allocation target for smart investors under the continuous depreciation pressure of the Taiwanese dollar.
Compared to simply exchanging Canadian dollars as a savings currency, the Yen offers both hedging and potential returns. So, the question is: what’s the most cost-effective way to exchange? How big is the cost difference across different channels? We will break down the real data to help you understand instantly.
Why is it worth exchanging Yen? It’s not just for travel currency
Living scenarios: travel, purchasing on behalf of others, studying abroad—these are the three major needs
Tokyo, Osaka, Hokkaido—Japan travel remains popular, but many merchants still only accept cash (credit card penetration is only 60%). Besides travel expenses, the purchasing of Japanese cosmetics, clothing, and anime merchandise is huge. The demand from purchasing agents is high, and they need to use

If you trade forex or follow international markets, you probably often hear phrases like "the US dollar index has risen again" or "the dollar is appreciating." But what exactly is the US dollar index? Why do its fluctuations influence the movements of gold, US stocks, and even Taiwan stocks? Today, we'll help you understand this most important indicator in the global financial market from a trader's perspective.
What does a higher US dollar index mean?
The US dollar index (USDX or DXY) is not an index from any specific exchange, but a benchmark indicator used to measure the strength of the dollar relative to other major currencies. Simply put, it tracks the exchange rate changes of the dollar against six major international currencies.
These six currencies are:
- Euro (EUR): the highest weight, approximately 57.6%
- Japanese Yen (JPY): about 13.6%
- British Pound (GBP): about 11.9%
- Canadian Dollar (CAD): about 9.1%

▎One-week Market Anomalies: Who Wins and Who Loses at a Glance
This week, the Asian currency markets showcased a "bittersweet" performance. The Bank of Japan Governor Kazuo Ueda's interest rate hike hints instantly ignited the market, with the yen soaring to 155.39 against the US dollar; the offshore RMB (CNH) also broke through the 7.07 mark, reaching a new high for the wave.
In stark contrast, the New Taiwan dollar and the Korean won became the "losers." The New Taiwan dollar opened lower amid selling pressure in the Taiwan stock market and foreign capital outflows, dropping to a low of 31.46; it closed at 31.422 at noon, a decline of 1.4 cents. The Korean won also failed to escape, weakening simultaneously. This relative performance of the Taiwan dollar against the Korean won further highlights the divergence among Asian currencies—strong central banks rising on the trend, while currencies with limited capital can only passively bear the pressure.
▎Why Are Hot Money Flows Receding? Analyzing the Root Causes from Three Perspectives
1. Foreign capital profits are being realized, and the capital tide is retreating
As we enter November, the market's focus on AI stocks

Recently, Australia's economic performance has been impressive, and the AUD/USD exchange rate has also warmed up accordingly. As of December 30, the AUD/USD quote was 0.6706, and on December 29, it even reached 0.6727, hitting the highest point since October 2024. In less than a month since entering 2025, the Australian dollar has appreciated by a total of 8.4%, a considerable increase.
The Dual Drivers Behind Australia's Economy
The recent strength of the Australian dollar is not accidental, mainly due to the combined effect of two forces.
On one hand, the monetary policies of the Reserve Bank of Australia and the Federal Reserve are moving in opposite directions. As inflationary pressures in Australia re-emerge, the December meeting minutes released a clear hawkish signal, and the market widely expects the Reserve Bank of Australia to start a rate hike cycle in 2026. Meanwhile, the Federal Reserve's rate cuts are still ongoing, and the market generally believes that the Fed will cut rates twice more in 2026. The policy divergence has resulted in

Stock investing may seem simple, but very few investors can truly profit from the ups and downs. Most people only know how to buy low and sell high, but they are unaware that there are more tools to help them participate in greater gains with limited funds. Margin financing and securities lending are such powerful tools—they allow you to participate in stock price movements with less capital, but they also amplify risks.
What is margin financing? Small investors can participate in major market trends
Imagine you are optimistic about a certain stock but lack sufficient funds to buy it outright. This is where margin financing comes into play. The essence of margin financing is that you and the broker each contribute a portion of the funds to purchase the stock, which then becomes collateral for both of you. In simple terms, it’s borrowing money from the broker to buy stocks.
The biggest appeal of this tool is that you can fully participate in the stock’s rise and fall with only part of the capital. While your gains are amplified, so are your losses.
Here’s a real-world example. Suppose Xiao Li is bullish on Apple stock

Why are Taiwanese people rushing to exchange for Japanese Yen?
The demand for Japanese Yen in Taiwan continues to rise, not only due to the hot trend of traveling to Japan but also reflecting investors' reassessment of Yen assets. From daily consumption to financial markets, the Yen plays an indispensable role.
Consumption: Necessities for travel, purchasing agents, and studying abroad
Japanese merchants still primarily use cash transactions, with most stores having only about 60% credit card penetration. Therefore, travelers to Japan must prepare cash in Yen. At the same time, consumers who enjoy buying Japanese cosmetics, clothing, and anime merchandise often need to use purchasing agents or pay directly on Japanese platforms in Yen. Long-term students or working holidaymakers also exchange currency in advance to cover future expenses.
Investment perspective: Yen as a global safe-haven asset
Establishment of safe-haven status
The Yen, along with the US Dollar and Swiss Franc, is one of the world's three major safe-haven currencies. Japan's economy is stable, and debt is manageable. During market turbulence, large amounts of capital flow into the Yen.

Recently, in global economic news, interest rate hikes by central banks have become the most frequently mentioned term. Every decision by the Federal Reserve, the pace of rate hikes by Taiwan's Central Bank, all influence the stock market, foreign exchange market, and even your bank deposit interest rates. But how exactly do rate hikes affect our lives and investments? It's not just an economic number issue; it concerns everyone's wallet.
What is a rate hike? Why do central banks adjust interest rates?
A rate hike simply means the central bank raises the benchmark interest rate. Cutting rates is the opposite operation. Regardless of which, both are important tools for central banks to control the flow of money in society.
When the central bank raises interest rates, the cost of borrowing between banks increases, and banks consequently raise the interest rates they offer to the public. Conversely, when rates are cut, borrowing becomes cheaper, encouraging people to spend more and invest more. This simple action can trigger a chain reaction that impacts the entire economic system.
Why do rate hikes happen? There are usually two main reasons:
When the economy overheats leading to uncontrollable inflation,

Gold and silver both surge higher, with the precious metals market continuing to heat up
The precious metals market has recently performed remarkably. Gold prices once reached $4497 per ounce, while silver rose to $70 per ounce, with both commodities hitting new highs. Industry experts are optimistic about the future, and research firm Yardeni Research has even raised its gold target price, predicting it will climb to $6000 per ounce by the end of 2026, reflecting market optimism towards precious metals.
Key moment for US economic data, GDP becomes market focus
Tonight at 21:30, the US will release its Q3 GDP data. The market generally expects an annualized growth rate of 3.3%, a slowdown from Q2's 3.8%. Economic data has a profound impact on the dollar outlook: if the data exceeds expectations, it will support a stronger dollar; otherwise, it may weaken the dollar's performance. As of press time, the US dollar index has fallen by 0.30%, quoted at 97.94, with subsequent volatility

Which is the most worthwhile time to exchange for Japanese Yen? Check the numbers first and then decide
On December 10, 2025, the exchange rate of TWD to JPY reached 4.85, appreciating over 8.7% from 4.46 at the beginning of the year. This means that whether for overseas travel or small investments, the "profit margin" when exchanging TWD for JPY has become quite significant. Moreover, against the backdrop of ongoing TWD depreciation pressure, converting into JPY as a hedge asset has become a new choice for many investors.
But the key question is: with the same 1 million TWD, the amount of JPY received through different channels of currency exchange can differ by more than 5,000 JPY. This is equivalent to a loss of nearly 1,000 TWD in purchasing power.
Why are Taiwanese people rushing to exchange for JPY?
The practical value of JPY in Taiwan far exceeds that of ordinary foreign currencies.
In daily life, travel to Japan, purchasing on behalf of others, and long-term residence all require cash transactions in JPY. According to statistics, the penetration rate of Japanese credit cards is only 60%, and many stores still primarily use cash.

What is the circuit breaker mechanism and its true meaning
The concept of a circuit breaker comes from the English term "Circuit breaker," which truly means establishing a market protection device. When the stock market experiences extreme fluctuations beyond a preset threshold, trading is automatically paused, providing all participants with a window of calm reflection.
Simply put, the meaning of a circuit breaker is like stepping on the accelerator pedal of frantic investors—when market sentiment is completely overwhelmed by panic and irrational selling spreads, this mechanism forces a halt to trading, allowing everyone to stop, take a deep breath, and reassess the situation. During the Silicon Valley Bank turmoil in 2023, the sharp decline in the US banking sector once again demonstrated the importance of this protective mechanism.
How does the circuit breaker actually work
The US stock market's circuit breaker system operates during regular trading hours (9:30 AM to 4:00 PM Eastern Time), using the S&P 500 index as a reference. When this index compared to the previous trading day

Why does the Japanese Yen continue to weaken? A review of this year's trend
In 2025, the Japanese Yen experienced significant volatility. At the beginning of the year, USD/JPY was around 160, but by mid-April, it had dropped to the 140 level, with the Yen appreciating over 12% in just three months. However, the good times didn't last long; in the following months, the Yen weakened again, and after October, the decline accelerated. In November, the Yen exchange rate fell below 157, hitting a six-month low, drawing global market attention.
By December, the Bank of Japan announced its second interest rate hike of the year, raising the policy rate from 0.5% to 0.75%. However, market reactions were lukewarm—the Yen continued to struggle around 156, showing no signs of improvement. What economic logic underlies this?
Four core factors behind the Yen's weakness
The US-Japan interest rate differential remains the main driver
Although the Bank of Japan has gradually raised interest rates, the interest rate gap compared to the US remains high. This attracts