US, Japan Warn of More Yen Action If Needed; Oil Falls on US-Iran Optimism |Bloomberg Brief 08/03/26

Summary

The episode covers the US-Japan joint yen intervention, falling oil prices on revived US-Iran talk hopes, Fed Chair Warsh mulling fewer FOMC meetings, and large M&A moves in pharma and electrical equipment. Rebecca Walser of Walser Wealth Management shares her views on staying invested in semiconductors, rotating into software and energy, and questioning bonds as a safe haven. Ven Ram argues that only BOJ rate hikes can sustain yen strength.

• US and Japan conducted their first joint yen intervention in 15 years and warned of further action.
• Oil prices dropped sharply after Trump called off military strikes and said talks with Iran are restarting.
• Fed Chair Warsh is considering reducing the number of FOMC meetings and aligning them with data releases.
• AstraZeneca and Bristol-Myers explored a merger, with Bristol-Myers shares rising and AstraZeneca falling.
• Italy's Prysmian announced a $3.8 billion all-cash acquisition of electrical parts maker Atkore.
• Rebecca Walser advised staying the course in semiconductor stocks despite volatility.
• She also recommended rotating into undervalued software stocks and energy amid Iran uncertainty.
• Ven Ram emphasized that yen strength requires BOJ rate hikes, not just intervention.