Japan’s September coincident index preliminary at 119.5, above 119.4 forecast

The marginal beat matters less than the direction: a third straight improvement in the coincident index suggests Japan's activity backdrop is firming rather than stalling, which is the macro context crypto and RWA markets rarely get from Japan. The read is preliminary and subject to revision, so the signal is soft. The open question is whether this momentum carries into the final print and whether it shifts expectations around Japan's policy stance, a factor that has repeatedly moved global risk appetite.