The latest Market Talks covering FX and Fixed Income. Published exclusively on Dow Jones Newswires throughout the day.

1936 ET - Japanese stocks may fall, tracking Wall Street's losses overnight. Growing doubts over the efficacy of the U.S. Treasury Department's bond buyback plan that dragged U.S. equities lower on Thursday are likely to spill over into Japan's equity market. Nikkei futures are 760 points lower at 65550 on the SGX. The dollar is at 158.93 yen, compared with Y158.50 around Thursday's Tokyo market close. The Nikkei Stock Average closed 1.4% higher at 66216.79 on Thursday. (ronnie.harui@wsj.com)

1552 ET - Treasury yields ended higher, reversing the previous session's gains, as investors demanded a higher risk premium for bonds despite the Treasury's plan to buy back long-term debt. Treasury Secretary Scott Bessent said in a CNBC interview that the Treasury's buybacks could surpass $4 billion. The 2-year yield rose 0.007 percentage point to 4.185%. The 10-year yield rose 0.046 p.p. to 4.697%, and the 30-year yield rose 0.043 p.p. to 5.237%. Bessent also tried to calm investors by saying that worries about the budget deficit are overblown: "One of the things that's temporary here that's influencing the deficit has been these tariff refunds, and we won't have to do that again," Bessent said. (jessica.coacci@wsj.com)

1548 ET - While housing inventory across the nation saw a small decline over the last year, active listings in Northern Virgina grew by almost 20%, according to the Northern Virginia Association of Realtors. The Association's Chief Executive Officer, Ryan McLaughlin, said inventory growth is being driven largely by condos and attached homes, "which is particularly meaningful in a region where affordability remains a major consideration for buyers." The region saw 1,582 closed sales in July, down 1.9% from July 2025, according to the group, which added closed sales increased 0.7% to 4.06 million nationally. The median sold price in the region was $750,000, down 1.3% from July 2025, while nationally the median sold price rose 2% in that period, the Association added. (stephen.nakrosis@wsj.com)

1502 ET - Coinbase CEO Brian Armstrong is optimistic that the Clarity Act, crypto-friendly legislation that's still working its way through the Senate, will get passed with more than 60 votes. Democrats and Republicans both got "90% or so" of what they want in the bill proposal, Armstrong tells CNBC. "In any deal I've been a part of, you say yes to that deal," Armstrong says. Senate majority leader John Thune scheduled a floor vote on the bill for Sept. 15. "[Thune] would not have scheduled this on Sept. 15 if he didn't think it would pass," Armstrong says. (dean.seal@wsj.com)

1455 ET - Bitcoin crossed over $72,000, and is nearing the $73,000 mark as sentiment on the market quickly turns positive after being negative for months. CoinMarketCap's Crypto Fear and Greed Index has shot up to 63 out-of 100, crossing into a "greed" reading for the first time since October 2025 -- which is when bitcoin was trading at its all-time record highs of over $120,000. A crypto summit hosted in D.C. yesterday has led to speculation about the U.S. government buying bitcoin for stockpiling purposes. Bitcoin is up 5.3% to $72,711, while ethereum rises 5.1% to $2,330, XRP up 16.2% to $1.27, and solana up 4.2% to $87.24. (kirk.maltais@wsj.com)

1447 ET - The chief of Coinbase says it will be up to Congress and the White House to solve the large looming ethics question about the Trump family's financial interest in bolstering the crypto industry. The president has offered to put language in the Clarity Act, crypto-friendly legislation that Trump supports but has stalled in Congress, that would address some of the open ethical issues at hand, Coinbase CEO Brian Armstrong tells CNBC. Among potential solves are the president moving his funds into a blind trust. But the ethical challenges shouldn't derail the Clarity Act, Armstrong says. "We should not leave the status quo and leave Americans unprotected in a morass of state legislation to operate in the U.S., that's just going to ensure this all goes offshore." (dean.seal@wsj.com)

1301 ET - The U.S. intervention in bond markets could backfire, as the Treasury will need to issue more short-dated debt to finance long-term buybacks, First Eagle's Idanna Appio writes. The strategy entails "more interest-rate risk for the Treasury down the road when maturing obligations must be refinanced at higher prevailing rates," she says. "This rollover risk is particularly problematic in light of today's fiscal situation with a large primary deficit and high federal debt." Appio says the announced increasing buybacks still represent a small fraction of Treasury markets, making a sustainable relief less likely. (paulo.trevisani@wsj.com; @ptrevisani)

1136 ET - Treasury yields remain elevated after Treasury Secretary Bessent says on CNBC that an increase in planned long-term bond buybacks is meant to boost liquidity and more intervention could be ahead. He also says global economic growth is necessary to overcome the large amount of government debt that is making investors jittery. Yields rise back from declines triggered by the increased buybacks plans yesterday and remain elevated after Bessent's remarks. The 30-year is at 5.253%, the 10-year at 4.702% and the two-year at 4.185%. (paulo.trevisani@wsj.com; @ptrevisani)

1131 ET - Yesterday's short squeeze event led to $2.99 billion in positions being liquidated across the entire cryptocurrency market, according to data from Coinglass. It's ranked as the eight-largest such event, surpassing a $2.92B liquidation event in April 2021 that was attributed to proposed tax hikes for U.S. capital gains. Coinglass attributes this week's liquidation spree to news of long-term Treasury buybacks from the Treasury Department, as well as the news of new proposed crypto regulations from the SEC. This week's event is still only a fraction of the all-time largest liquidations ever seen, with the top event being the liquidation of over $19 billion in positions due to a tariff hike on Chinese goods by the U.S. Bitcoin is up 3.7% to $71,654 Thursday, according to LSEG data. (kirk.maltais@wsj.com)

1115 ET - Uncertainty over fiscal policies is a key factor behind the recent rise in long-dated government bond yields, alongside competition from attractive alternatives of AI-related and data-center infrastructure debt, says Dean Lyulkin, CEO of Cardiff, a U.S. small-business lender. On Tuesday, 30-year U.S. Treasury yields rose to a 19-year high; 10-year German Bund yields hit their highest since 2011; while 10-year Japanese government-bond yields reached 30-year highs. With long-term yields rising in Europe and Japan as well as the U.S., "that looks like a global repricing of the cost of long-term capital," he says. Growth concerns or interest-rate outlooks have less influence on bonds currently, he says. (jessica.fleetham@wsj.com)

1049 ET - The dollar remains the most reliable defensive currency during selloffs in equities and bonds, BNY strategist Geoff Yu says in a note. The U.S. currency is bolstered by its global reserve status and relatively high U.S. real yields adjusted for inflation, he says. During three recent episodes of simultaneous bond and equity stress, the Swiss franc, Singapore dollar and euro--key alternative safer currencies--tended to weaken or perform well only intermittently against the dollar, BNY research shows. "There is little evidence that any major non-dollar currency provides a reliable hedge," Yu says. BNY suggests maintaining dollar exposure for protection, using the Swiss franc, Singapore dollar and euro "selectively as secondary defensive positions." (renae.dyer@wsj.com)

1047 ET - Tensions between Saudi Arabia and the United Arab Emirates are increasingly spilling into the economic sphere, says Jason Tuvey, deputy chief emerging markets economist at Capital Economics. Saudi Arabia's tighter oversight of financial transactions involving the U.A.E. is best viewed through the broader geopolitical tensions between the two countries, rather than solely through concerns over Emirati ties with Iran, he says. Tuvey expects the direct economic impact on Saudi Arabia and the U.A.E. to remain relatively small even if restrictions broaden, but says the consequences could be larger elsewhere in the region as the two countries compete for influence.