Yen surges 2.5% on hawkish BOJ; AI stocks in crosshairs

The yen's sharp move signals a potential inflection point for global risk assets, as the unwinding of carry trades directly pressures the high-multiple AI and tech sector that has driven equity gains. This is significant because it couples BOJ policy normalization with US market valuations, making the September meeting a pivotal event for cross-asset volatility. The open question is whether the BOJ's hawkish path accelerates, which would tighten liquidity further and test the resilience of AI-led momentum. For market watchers, the transmission from FX to equity repricing is now the key dynamic to monitor, rather than the yen move in isolation.