[MARKET UPDATE] Asia-Pac stocks begin lower despite the geopolitical relief from Trump's decision to cancel Iran strikes, with headwinds from last Friday's tech weakness, while markets also digest confirmation of joint US-Japan intervention on the yen

The durable thread here is confirmation of joint US-Japan yen intervention, a rarer and historically more consequential event than unilateral MOF action. Coordinated intervention has tended to mark turning points more effectively than solo operations, because the participation of the counterparty central bank signals policy alignment rather than a unilateral attempt to lean against fundamentals; unilateral episodes, by contrast, have often produced sharp but fading reversals when rate differentials remain wide. The distinction worth drawing is between smoothing operations, which slow the move, and a level defence backed by both sides, which carries a stronger signal about tolerance. The geopolitical relief from cancelled Iran strikes would ordinarily support risk and weigh on havens, but the yen has been trading as a policy story rather than a pure safe haven, which mutes the usual cross. The follow-ons are whether intervention is actually executed in size versus threatened, the dollar-yen levels at which the two treasuries show their hand, and any US official commentary confirming intent, since verbal confirmation without follow-through has historically diluted the effect. Friday's tech weakness reads as an independent headwind for Asia-Pac indices rather than part of the FX story.