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TALKS PROGRESS, STRIKES DELAYED Trump: “The United States and Iran have had productive discussions over the past two days toward fully resolving hostilities in the Middle East. As talks continue this week, I’ve ordered a five-day pause on any military strikes against Iranian energy infrastructure, contingent on progress. Thank you. —President Donald J. Trump”

The $JPY is now only 0.5 away from 160, who’s going to save the Japanese government this time? I doubt Bessent bluff (pretend US will buy $JPY in the open market) or BOJ/MOF empty threats will work again. Japan FX intervention incoming - 🚨 brace for chaos in markets.

🚨🇺🇸🇮🇷 U.S-ISRAELI STRIKES ON IRAN: MAJOR COMBAT, MAJOR CONSEQUENCES The Middle East just crossed a line it may not be able to uncross. After coordinated strikes by the United States and Israel on Iranian targets, including the compound of Supreme Leader Ali Khamenei, Trump declared the start of “major combat operations” and openly urged Iranians to “take over your government.” Iran answered within hours, launching missiles toward Israel and U.S. military installations in Qatar, Kuwait, Bahrain, and the UAE. Airspace across the region shut down. Hundreds of flights were grounded. Sirens wailed throughout Israel. Smoke rose near the U.S. Navy’s Fifth Fleet base in Bahrain. Even Dubai, usually insulated from frontline chaos, felt the spillover. Netanyahu framed the assault as removing an “existential threat.” Washington insists Iran cannot be allowed to develop a nuclear weapon. Tehran denies pursuing one and now vows “crushing retaliation,” declaring all U.S. bases in the region legitimate targets. And just like that, deterrence becomes escalation. Calling on Iranians to overthrow their government may sound bold, but history is littered with examples of foreign pressure strengthening the very regimes it seeks to topple. Nationalism hardens. Hardliners consolidate. Internal dissent gets crushed under the banner of resisting outside aggression. Meanwhile, regional allies are uneasy. The UK has distanced itself from the strikes. European leaders condemn Iranian retaliation but stop short of endorsing Washington’s escalation. Gulf states now face direct missile threats on their soil. This is how regional conflicts become global crises. The stated goal is to stop a nuclear Iran. The risk is a multi-front war stretching from Israel to the Gulf, pulling in proxy forces, global powers, and energy markets already on edge. While “major combat operations” are easy to announce, they’re much harder to contain.