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How Does the Foreign Exchange Market Work? Understanding Its Unique Market Structure
The foreign exchange market (commonly known as the Forex market) is the largest financial market in the world, with an average daily trading volume exceeding $6 trillion. Unlike centralized exchanges such as the New York Stock Exchange, the Forex market is a decentralized over-the-counter (OTC) trading market with no unified trading venue.
The orderly operation of this market relies on an internal hierarchical system. Imagine this system as a pyramid — at the top are the world's most powerful big banks, in the middle are various institutional investors, and at the bottom are retail investors. Each layer has different trading conditions and entry barriers.
The interbank market at the top of the pyramid is composed of the world's leading banks, including Citibank, JPMorgan Chase, UBS, Barclays, Deutsche Bank, Goldman Sachs, HSBC, and Bank of America, among others. These banks trade directly with each other, either through phone communication or electronic brokerage platforms. The most famous in the market are

December 10, 2025, the NT dollar to Japanese Yen exchange rate is about 4.85. People who want to travel abroad or hedge their investments are starting to get restless. But the question is: Is it really cost-effective to exchange yen now? How can you exchange to save the most money?
Is it a good time to exchange yen now? Timing analysis
Since the beginning of the year, the NT dollar has appreciated by 8.7% against the yen (from 4.46 to 4.85). In other words, your exchange gains from converting yen now are already significant. Especially with the NT dollar facing depreciation pressure, many investors are adopting a strategy of gradually converting to yen as a hedge.
Latest data shows that Taiwan's foreign exchange demand has grown by 25% in the second half of the year, mainly driven by the recovery in tourism and hedging needs. The Bank of Japan Governor Ueda Kazuo recently issued hawkish comments, with market expectations of an 80% chance of interest rate hikes on December 19, potentially raising rates to 0.75% (a 30-year high). Japanese bond yields have hit a 17-year high of 1.93%, and USD/JPY has risen from the beginning of the year.

Update Notice - The United States entered Standard Time on November 2, 2025. The regular trading hours are from 10:30 PM to 5:00 AM Taiwan time; in Hong Kong, it is from 9:30 PM to 4:00 AM.
Why do you need to understand US stock market hours? Three key time points you must remember.
The biggest pitfall for Asian traders is the time difference. The trading hours for US stocks, Hong Kong stocks, and Taiwan stocks are completely staggered. If you're not careful, you might miss market movements or make mistakes. Especially since the US switches between Daylight Saving Time and Standard Time every year, causing the time correspondence to change frequently.
Currently, the situation is: The regular trading hours for US stocks (Eastern Time 9:30-16:00) correspond to 10:30 PM to 5:00 AM local Taiwan time. If you're in Hong Kong, it's from 9:30 PM to 4:00 AM.
US stock markets have three major exchanges, and their trading hours are all synchronized.
The US stock market and Taiwan

For Taiwanese investors, Hong Kong stocks are not only a convenient gateway to the international capital markets but also a strategic window to participate in China's and the global economic growth. This article will start from the current state of the Hong Kong stock market, analyze its trading system in detail, benchmark it against international markets, select Hong Kong stocks with investment value, and guide Taiwanese investors on how to effectively deploy in the Hong Kong stock market.
Unique Advantages and Investment Value of the Hong Kong Stock Market
Market Maturity and Regulatory Norms as Fundamental Guarantees
The development history of the Hong Kong securities market can be traced back to 1866. The first formal exchange was established in 1891. After more than 150 years of evolution, it has become one of the most regulated and mature markets in the world. Compared to other Asian markets, the HKEX has established a strict regulatory system and transparent trading mechanisms, creating a highly fair trading environment for investors. This institutional guarantee allows global institutional and individual investors to participate with confidence.
Geographical advantages and

In the long history of capital markets, stock prices fluctuate in cyclical tides. Investors often look forward to the upward dividends of a bull market but tend to panic during a bear market. However, a deeper understanding of bear market characteristics can actually help investors seize opportunities during market downturns.
Core Definition of Bear Market Characteristics
A bear market is defined as: when the price of the underlying asset drops more than 20% from its recent high, signaling the onset of a bear market phase. This definition applies not only to stocks but also to bonds, real estate, precious metals, commodities, exchange rates, and all categories of cryptocurrencies.
It is important to note that a bear market is fundamentally different from a "market correction." A market correction refers to a short-term decline of 10% to 20%, usually a temporary adjustment; whereas a bear market involves a long-term, systemic downturn that can last months or even years, with far-reaching impacts on asset allocation and psychological expectations.

The daily limit up and limit down of stocks reflect market sentiment. Investors should rationally assess the reasons and avoid blindly following the trend. Limit up allows normal trading, but selling is easy and buying is difficult; conversely, limit down has the opposite effect. Operational strategies include trading related stocks and evaluating the sustainability of positive news. Avoid blindly chasing highs and selling lows; risk control and rational investing are essential.

Blockchain technology has transformed from an obscure topic in recent years to a popular option in the investment circle. However, many people still have only a superficial understanding of "how to invest in blockchain." Besides directly buying coins on trading platforms, what other ways are there to invest in blockchain? Today, we will provide a comprehensive breakdown.
What exactly is blockchain?
Simply put, blockchain is a distributed public ledger. Whenever a transaction occurs, the details of that transaction are recorded and linked together using cryptographic techniques into a "block." These blocks are then connected in chronological order to form a "chain." Rather than being just a financial tool, it is a new way to record and verify information—every participant holds a complete copy of the ledger, and no one can tamper with it.
Four Main Ways to Invest in Blockchain
Currently, the most mainstream methods of blockchain investment in the market include the following categories:
Direct Purchase of Cryptocurrency
This is the most straightforward and common form of investment

For twenty years, China's economic strength has grown from $1.21 trillion to $17.7 trillion, surpassing Japan's $4.23 trillion, demonstrating a disruptive change in the development of both countries. In technology and R&D, China has taken the lead across the board, especially in aerospace, aviation, and new energy vehicles. This year, China ranks first globally in new energy vehicle production and sales. Additionally, China's infrastructure construction far exceeds that of Japan, becoming an important reflection of quality of life. These series of changes symbolize a reshaping of the global power landscape.

"Ethereum will surpass $10,000 in 2026!" — This number appears repeatedly in communities and analysis reports, almost as if it's a foregone conclusion. But do you know? Such predictions are often a double-edged sword; the more attractive the figure, the more hidden the risks.
When the entire market is spreading the same target, reality often takes a completely different direction. $10,000 is not impossible, but the path to reach this price is full of traps.
How are these predictions made?
Most bullish analyses follow a few common patterns:
Cycle analogy method: "The previous bull market saw Ethereum rise by X times, so this cycle should repeat" — this logic ignores a key fact: the market ecology of 2021 and 2026 are entirely different. The emergence of spot ETFs has changed the flow of funds, Layer 2 solutions have decentralized on-chain activity, and public chains like Solana have become real competitors. History will not be completely repli

Michael Burry, known for predicting the 2008 subprime crisis, warns of market bubbles. He has sold most U.S. stocks, keeping only Estee Lauder, and is buying Nvidia put options. His actions reflect concerns over concentrated tech investments amid potential market adjustments.

Japanese Yen Exchange Market Status: What Investors Need to Know
As of December 10, 2025, the NT$ to JPY exchange rate is approximately 4.85, appreciating 8.7% from 4.46 at the beginning of the year. This wave of appreciation has not only attracted travelers but also drawn investor attention—since the Japanese Yen is one of the world's three major safe-haven currencies (alongside the US dollar and Swiss franc), during times of increased geopolitical risk and heightened volatility in Taiwan stocks, it has shifted from being just a "travel pocket money" to an "asset allocation tool."
According to the latest data, Taiwan's foreign exchange demand in the second half of the year increased by 25%, with half of that driven by travel recovery and the other half by risk hedging. However, many people do not realize that exchanging 50,000 NT$ into JPY through the wrong channels could result in a loss of 1,500-2,000 NT$, which is equivalent to wasting a few meals.
Top 4 Fastest Ways to Exchange JPY in Taiwan
To help you quickly find the most cost-effective options, we provide the conclusion directly:
Cost ranking (from low to high): Online currency exchange < Online

Many investors are often confused by short-term fluctuations when trading stocks, frequently entering and exiting the market but never able to grasp the overall trend. The root of the problem actually lies in a lack of understanding of multiple time cycles. Besides fundamental analysis (such as corporate profitability and growth momentum), we also need to use technical tools like weekly, monthly, and quarterly charts to accurately determine buy and sell points. This is also a key difference between professional investors and retail traders.
Understanding the essence of different cycle lines: starting from the average trading days
In technical analysis, indicators like weekly, monthly, and quarterly lines help us track the average purchase cost of investors. Simply put, they are moving averages calculated based on closing prices over a certain period.
Taking NVIDIA (NVDA) as an example, if we calculate the average of the closing prices over the last 5 trading days:
Closing prices from March 20 to 26, 2024: 903.72, 914.35, 94

By December 2025, the exchange rate of the New Taiwan Dollar (NTD) against the Japanese Yen (JPY) reached 4.85, an 8.7% appreciation compared to 4.46 at the beginning of the year. Whether planning to travel abroad or allocate hedging assets, many people are thinking about the same question: should I exchange for Yen now? If so, how can I save the most money?
We have compiled the four most commonly used currency exchange channels in Taiwan and calculated the real exchange rates for you. A NT$50,000 exchange might save you between NT$1,500 and NT$2,000 depending on the method chosen.
Why is the Yen worth paying attention to? It’s not just for travel purposes
In Taiwan, when it comes to exchanging foreign currencies, the Yen is often the first choice. But the reasons behind this are much more complex than simply "liking to visit Japan."
On a daily level, many stores in Tokyo, Osaka, Hokkaido, and other places still primarily use cash (credit card penetration is only 60%), and demand for purchasing on behalf, online shopping, studying abroad, and other needs all require Yen payments. But more importantly, the Yen holds a safe-haven currency status in the financial markets.

Taiwan's technology industry is reshaping valuations due to the global expansion of AI infrastructure, with ETF capital inflows indicating institutional optimism for future profit growth. Supply chain imbalances have led to significant gains in midstream material stocks, especially in cooling and copper foil substrate sectors. By 2026, the market will focus on AI technology upgrades, with liquid cooling becoming a key trend. Investors should be aware of risks and market volatility.

On December 10, 2025, the exchange rate of the New Taiwan Dollar to the Japanese Yen reached 4.85. Two major currency exchange waves are brewing—tourists rushing to prepare for Japan trips, and investors recognizing the potential of the Yen as a safe-haven asset. But the immediate question is: how, where, and when to exchange to avoid losing money to exchange rate spreads?
This article gets straight to the point, not only explaining the cost differences among four currency exchange methods but also revealing whether now is a good time to exchange Japanese Yen.
Why is it worth exchanging Yen now?
When it comes to foreign currency exchange, the Yen often ranks among the top three. But the reasons for exchanging Yen go far beyond simply "wanting to visit Japan."
Lifestyle aspect: Japan still primarily uses cash for travel (credit card penetration is only 60%), and purchasing, online shopping for Japanese goods, or even working holidays all require Yen.
Financial aspect: The Yen is one of the three major safe-haven currencies globally (the other two are the US Dollar and Swiss Franc). 202