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Summary: Recently, global financial markets have been trading three seemingly independent issues simultaneously: Middle East developments driving crude oil price volatility; Japanese exchange rate pressures have forced policymakers to refocus on yen stability; Global investors have begun to reassess the dollar's liquidity and risk asset environment. On the surface, these three issues belong to the energy market, foreign exchange market, and capital market. But from the perspective of the global macro system, they actually exist within the same transmission chain. Changes in the price of a barrel of oil primarily affect global energy costs; Energy costs affect energy-importing countries like Japan; As a major global financing market, Japan's exchange rate fluctuations further affect global funding costs and risk appetite. Therefore, what the market really needs to study now is not simply rising oil prices or simply yen depreciation, but rather how energy shocks will ultimately affect asset prices through the global financial system. Around August 10, uncertainty resurfaced in the prospects of US-Iran negotiations, and the market re-raised its pricing for risks in the Strait of Hormuz, causing international oil prices to rise rapidly. Brent crude once approached $88 per barrel, and WTI was close to $82 per barrel, shifting market concerns from short-term supply issues to long-term energy transportation stability. Meanwhile, USD/JPY has returned to a high level, and the market is once again focused on whether Japan needs further measures to stabilize the exchange rate. Previously, the US and Japan had already conducted a rare joint exchange rate intervention, which is also a rare direct exchange rate coordination action among major global economies in recent years. If you put these things aside