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Entering the fourth quarter of 2025, the Taiwanese dollar against the Japanese yen has reached a high of 4.85. Compared to 4.46 at the beginning of the year, the yen has appreciated by 8.7% in just 11 months. For Taiwanese holding yen or planning to invest in yen, this is both an opportunity and a test.
Many people overlook that simply choosing the wrong currency exchange method could cost an extra NT$2,000. We have compiled the most comprehensive comparison of currency exchange options in the market, so you can see the actual differences across channels at a glance.
Why has the exchange rate risen so quickly? The story behind the yen
The logic behind the yen's appreciation is not complicated. The Bank of Japan (BOJ) is on the verge of an interest rate hike cycle. Governor Ueda's hawkish remarks have pushed market expectations for a rate hike decision on December 19 to 80%. If the rate is increased by 0.25 basis points to 0.75% (a 30-year high), it will further push up Japanese government bond yields (currently approaching 1.93%, the highest in 17 years).

What is the US Quadruple Witching Day
Every quarter, the US stock market faces a special moment—the arrival of Quadruple Witching Day. This term originates from the simultaneous settlement of four types of derivative financial products on the same day, including single-stock futures, single-stock options, stock index futures, and stock index options.
Why is it called "Quadruple Witching"? It actually describes the process when the settlement of derivatives causes futures prices and spot prices to overlap, as if an invisible "witchcraft power" is driving prices closer together. This market force, which has no direct relation to a company's fundamentals, often triggers intense price volatility, hence the name.
Even more interesting is that "four" not only refers to four types of products but also represents that there are four such settlement days each year. Since US derivatives settle once every quarter, these four special dates fall on the third Friday of March, June, September, and December.
2024 US Quadruple Witching Day Schedule
For investors, it's important to mark these dates in advance.

Basic Knowledge of the New Zealand Dollar
The New Zealand dollar, also known as NZD, is the official currency of New Zealand. As early as 1985, New Zealand implemented a floating exchange rate system, with the Reserve Bank of New Zealand ceasing to publish official rates and decoupling from the trade-weighted currency basket. As one of the most traded currencies globally, NZD/USD ranks ninth in the international foreign exchange market. If the currency pair is quoted at 1.50, it means 1.5 US dollars are needed to exchange for 1 New Zealand dollar.
Ten-Year Trend Review: From Peak to Trough
Looking at the exchange rate chart over the past ten years, the New Zealand dollar against the US dollar has experienced significant volatility. After reaching a historical high of 0.88 USD in 2014, the NZD gradually declined and has now fallen to just above 0.5 USD, a depreciation of approximately 32%. This long-term downward trend is not accidental but the result of multiple factors working together.
Four Fundamental Reasons for the NZD Depreciation
The direct impact of commodity price fluctuations

If you trade in the crypto world, you've definitely heard of the term RSI. That's right, the RSI indicator is one of the most popular technical analysis tools in the market and is also a must-know for many beginner traders. But here’s a harsh truth: most people only look at overbought and oversold zones, ignoring that RSI divergence and damping are the real signals that determine victory or defeat. This article will help you deeply understand what RSI is, how to identify divergence signals, how to respond to damping phenomena, and how to set parameters in practical trading.
What exactly does RSI measure?
Relative Strength Index (RSI)

December 10, 2025, the NT dollar to Japanese Yen exchange rate reaches 4.85. This level has attracted many Taiwanese to reconsider the investment value of the Yen. From 4.46 at the beginning of the year to 4.85 now, the Yen has appreciated over 8% against the NT dollar. But the question is: should I exchange now? Which channel offers the best deal?
Is it worth exchanging Yen? Three market reasons
Many people think the Yen is only for travel purposes, but that's not the case.
First, strong hedging attribute
The Yen, along with the US dollar and Swiss franc, is one of the world's three major safe-haven currencies. When global risk assets decline, funds flow into the Yen for safety. During the Russia-Ukraine conflict in 2022, the Yen appreciated 8% within a week, while the stock market fell 10%. Those who exchanged Yen for NT dollars offset their stock losses. For Taiwanese investors, the Yen essentially serves as a tool to hedge against Taiwan stock market fluctuations.
Second, the Yen's low-interest financing function
The Bank of Japan has maintained ultra-low interest rates for a long time (

The US dollar is not just the currency of the United States; it is also a barometer of the global economy. Starting from September 2024, the Federal Reserve will initiate a cycle of interest rate cuts. According to the latest dot plot, the US interest rate target will be lowered to around 3% by 2026. For global investors, this rate-cutting spectacle presents both opportunities and hidden risks.
Understanding the essence of exchange rates before grasping USD fluctuations
The core definition of the USD exchange rate is simple—it is the exchange ratio between the US dollar and other currencies. Taking EUR/USD as an example, when this value is 1.04, it means 1.04 US dollars can be exchanged for 1 euro. If this value rises to 1.09, it indicates the euro has appreciated relative to the dollar, which has weakened; conversely, if it drops to 0.88, the dollar has appreciated relative to the euro.
However, there is an important misconception here: a unilateral interest rate cut by the US does not necessarily directly lead to a decline in the US dollar index. This is because the dollar index is composed of a weighted basket of major currencies, which

Exchange rate fluctuations惊人：短短两日台币汇率走势破纪录
The New Taiwan Dollar has recently shown a strong upward trend, with exchange rate fluctuations in early May shocking the market. The USD to TWD exchange rate quickly broke the psychological barrier of 30 in just a few trading days from around 31, with an increase of nearly 10%, setting the largest single-day gain in 40 years. As a result, the foreign exchange market experienced the third-largest trading volume in history, indicating a high level of market attention.
Compared to other Asian currencies, the appreciation of the TWD has been particularly prominent. During the same period, the Singapore Dollar appreciated by 1.41%, the Japanese Yen by 1.5%, and the Korean Won by 3.8%, but the TWD's appreciation rate clearly exceeded the regional average. What market forces are behind this abnormal phenomenon?
Three Major Drivers Behind the TWD Exchange Rate Movement
Factor One: Trade Policy Expectations Reshape Market Sentiment
After the US government adjusted its tariff policies, market expectations for Taiwan's export prospects changed. Delayed 90

Do you really understand the US Dollar Index?
Open financial news, and you'll often see headlines like "US Dollar Index hits new high" or "US Dollar depreciation risk," but what exactly is the US Dollar Index? Why is it so important? Many investors are actually somewhat familiar with this concept but not fully.
In fact, the US Dollar Index (abbreviated as USDX or DXY) is like a thermometer for the global financial markets. As the world's primary trading currency, fluctuations in its relative strength can influence the prices of gold, crude oil, stocks, bonds, and other assets.
If you want to achieve steady profits in forex, commodities, or stock investments, understanding the meaning and operational logic of the US Dollar Index is definitely fundamental.
So, what exactly is the US Dollar Index?
When looking at the stock market, we often track indices like the "S&P 500," "Dow Jones Industrial Average," and "NASDAQ." These represent a basket of stocks' overall performance.

Want to invest in gold but don't know where to start? Facing inflation risks and geopolitical uncertainties, gold as a traditional safe-haven asset is regaining attention. By 2025, gold prices have already surpassed $3,700, with Goldman Sachs predicting it will reach $4,000 by mid-2026. However, there are many ways to invest in gold—physical gold bars, savings accounts, ETFs, futures, CFDs—each with different costs and returns. This article compares various gold investment channels in depth to help you find the most suitable method for yourself.
Top 5 Gold Investment Channels: Cost and Return Comparison
| Investment Method | Physical Gold | Gold Savings Account | Gold ETF | Gold Futures | CFD Contracts |
|---------|--------|--------|--------|---------|-----------|
| Initial Entry Cost |

When it comes to technical analysis tools, the KD indicator (Stochastic Oscillator) is definitely a must-learn skill for beginners. This classic indicator, proposed by American analyst George Lane in 1950, remains a powerful tool for traders to identify market reversals. Simply put, the KD indicator is used to detect the relative strength or weakness of a stock's price over a certain period, helping you capture overbought and oversold risk points.
Origin and Core Concept of the KD Indicator
The values of the KD indicator range from 0 to 100. The closer to 100, the stronger the stock; the closer to 0, the weaker. It consists of two lines: the K line (fast line), which reacts quickly and represents the current closing price's relative position within the past cycle (commonly set to 14 days); and the D line (slow line), which is a smoothed version of the K line, usually a 3-period simple moving average of the K line.
The interaction between the K and D lines is key. When the K line crosses from below to above

Gold has always been a key player in the trading market. Its high density, excellent ductility, and strong preservability allow it to be used as currency, jewelry, or industrial products. Over the past half-century, despite frequent fluctuations in gold prices, the overall trend has been clearly upward, especially after 2025, when it continuously hit new historical highs.
So, will this 50-year-long rally repeat in the next 50 years? What is the investment logic behind gold prices? Is it suitable for long-term holding or short-term trading?
The 50-year trajectory of gold prices since the collapse of the Bretton Woods system
In 1971, Nixon announced the detachment of the US dollar from gold, marking the beginning of modern gold price history. From $35 per ounce at that time to surpassing $4,300 per ounce in October 2025, gold has increased by over 120 times. What kind of growth story is this?
Looking at the gold trend chart from 1971 to now, the entire cycle has experienced four

In the futures market, the word "closing position" is absolutely unavoidable. But what exactly is closing a position? When should you close? Closing too early results in losses, closing too late also results in losses. Today, let's break down these core concepts of futures trading and help you establish the correct trading mindset.
Opening and Closing Positions: The Beginning and End of Trading
To understand the meaning of closing a futures position, you first need to know what opening a position is.
Opening a position is the moment you enter a trade—buying or selling a futures contract, expecting the price to move in the direction you predicted. But at this point, you haven't truly made a profit or loss; it's just a "possibility."
Closing a position is the moment you end the trade—you close all or part of your holdings to realize the final profit or loss. Only after closing a position do the numbers shift from paper gains or losses to actual cash inflow or outflow.
Here's an example. Suppose you are optimistic about gold prices rising in the future, so you buy a December delivery gold futures contract, becoming a "long" position.

Why does Non-Farm Payrolls data have such a strong "market-moving" effect?
Every time Non-Farm Payrolls data is released, major financial markets experience volatility. Whether it's the stock market, forex, or the crypto market, they all can't escape the influence of this data. The reason behind this is quite simple — Non-Farm Payrolls data is the most direct indicator of the health of the U.S. economy.
The productivity of non-farm employment accounts for over 80% of U.S. GDP, which means employment data directly impacts the overall economic outlook. When employment increases and the unemployment rate decreases, it indicates economic expansion, leading to higher consumer spending, which in turn boosts the dollar and various risk assets; conversely, it suggests economic slowdown or even recession risks.
The Federal Reserve is especially "favorably inclined" towards non-farm data when setting interest rate policies. Strong employment reports can trigger expectations of rate hikes, further shaking global financial markets.
Major Non-Farm vs Minor Non-Farm: Understanding the Two Employment Reports

If you follow the foreign exchange market, you've probably heard of the concept of "interest rate differential trading." It is precisely because of interest rate differential trading that the EUR/JPY cross currency pair has become a favorite among many investors. Compared to the traditional EUR/USD spot, EUR/JPY has greater volatility and more opportunities.
Why are traders so enthusiastic about EUR/JPY?
EUR/JPY is one of the most traded currency pairs among the yen crosses. On March 16, 2023, after the European Central Bank announced a 0.5% rate hike, a classic case occurred in the market: the EUR/USD spot rose by less than 0.13%, but EUR/JPY surged by 1.1% within four hours, which is 8.5 times the move of the spot.
Where does this difference come from? The answer is interest rate differentials and Japan's ultra-loose monetary policy. The Bank of Japan has maintained near-zero interest rates for a long time, while the European Central Bank has been raising rates, and this interest rate differential has attracted a large

Many novice investors have encountered this situation: after buying a stock, they watch helplessly as it keeps falling, from a 5%, 10% loss, finally dropping over 50%, yet they never sell. In the end, they are either forced to cut their losses or陷入 long-term holding. Actually, the root cause of this problem lies in the lack of understanding of effective stop-loss concepts and the setting of reasonable stop-loss points.
First, understand the meaning of stop-loss: your last line of defense.
Stop-loss, simply put, is a risk management mechanism—when your position's loss reaches a predetermined level, the system or you proactively close the position to limit further losses. The stop-loss point is the specific price level at which this action is executed.
This seemingly simple concept is one of the most important defensive tools in the investment market. Why? Because in a market full of volatility, no one can predict market movements with 100% certainty. Your investment logic today might be correct, but the environment

By the end of 2025, the Japanese Yen is expected to strengthen significantly, with the TWD/JPY exchange rate breaking through the 4.85 barrier. Many people plan to travel to Japan or allocate foreign currency, but they don't know how to exchange Yen to save costs. In fact, just choosing the right exchange channels can save thousands of dollars. We provide an in-depth analysis of five major exchange options, combined with the latest market trends, to help you find the most cost-effective currency exchange strategy.
Why is it worth exchanging for Yen? A safe-haven asset + a new investment option
In the global financial market, the Yen holds a special position. Besides its necessity for travel, its investment potential should not be overlooked.
Strong safe-haven properties — The Yen, along with the US Dollar and Swiss Franc, ranks among the world's top three safe-haven currencies. During periods of intense market volatility (such as the Russia-Ukraine conflict in 2022), capital flows into the Yen to hedge risks, with weekly gains of up to 8%, while stock markets declined by 10% during the same period. For Taiwanese investors, holding Yen can effectively hedge against Taiwan stock market risks.
Arbitrage opportunities — The Bank of Japan has been implementing ultra-low

Recently, the market has been a bit chaotic due to three major events—US tariffs, inflation expectations, and the AI boom. The most intuitive signals are the gold-to-copper ratio and the copper-to-oil ratio rising simultaneously. What do these two indicators actually tell us? Let’s break it down.
Risk Signals Behind the Record High Gold-to-Copper Ratio
The gold-to-copper ratio has been on the rise since mid-January, approaching the high of 41.75 seen at the end of October last year. Simply put, the gold-to-copper ratio is the price of gold divided by the price of oil. When this ratio climbs rapidly, it usually indicates a spreading risk-averse sentiment—investors flock to gold and sell off oil, creating an atmosphere of unease in the market.
This indicator is known as a leading indicator of economic growth because it reflects changes in the global risk structure. A sharp increase in the gold-to-copper ratio at mid to high levels often signals the onset of geopolitical or financial crises. In other words, this current rally is not a good sign.
Tariff Escalation Deals a Heavy Blow to Market Expectations
Trump just announced on Monday (February 10) that...

Before You Start: What Is the Essence of Dividends?
After a listed company turns a profit, deducts debt repayments and compensates for accumulated losses, the remaining profit is returned to shareholders in the form of dividends. This is an important way for shareholders to receive returns and a commitment for companies and investors to share the results. Depending on the shareholding amount or company regulations, different shareholders receive different dividend amounts.
There are mainly two ways to distribute dividends: issuing stock and paying cash. Understanding the differences between these two methods and the logic of dividend calculation is crucial for optimizing investment strategies.
Two Main Approaches to Dividend Calculation: Stock Dividends vs. Cash Dividends
What are stock dividends? How is dividend calculation performed?
Stock dividends refer to the listed company distributing new shares to shareholders free of charge. The new shares are credited to the investors' accounts, increasing their shareholding quantity, commonly known as "bonus shares."
Dividend Calculation Example (Stock Dividends):
Suppose an investment

The RMB to USD exchange rate hit a new annual low on December 25, mainly due to the weakening of the US dollar, central bank policy support, and year-end foreign exchange settlement effects. Analysts believe that RMB appreciation will enhance the attractiveness of China's capital markets, and it is expected that there will still be room for appreciation in 2026. The forecast is that the RMB to USD will reach the 6.80 to 6.90 range.