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Multiple catalysts jointly trigger a rally
Taiwan's leading advanced materials and precious metals recycling company, Koyo Electronics (1785), today (23rd) surged after hitting a record high in international gold prices, strong demand for AI data center hard drives, and the promotion of domestic production of semiconductor target materials. The stock opened higher and quickly hit the daily limit up, closing at 69.3 NT dollars. This not only breaks a record that has stood for over a year and a half since July last year but also signifies a formal breakthrough from a long-term consolidation pattern. After hours, there are still tens of thousands of buy orders queued, indicating that market confidence in its future prospects has shifted from cautious observation to active optimism.
Fundamentals drive both momentum, with revenue and order visibility soaring
Koyo Electronics' strong performance is primarily based on solid fundamentals. The company's latest consolidated revenue for November reached 3.816 billion NT dollars, a 14% increase month-on-month and a 26.39% increase year-on-year, setting a new record for a single month. The cumulative revenue for the first 11 months also reached a level not seen in nearly 10 years.

By December 2025, the Taiwan dollar against the Japanese yen reached 4.85, appreciating by 8.7% since the beginning of the year, making it an ideal window for currency exchange. But do you know? Exchanging the same 50,000 TWD in different ways could result in a difference of 1,500-2,000 TWD, enough to buy several months' worth of bubble tea.
Why should you pay attention to the Japanese yen now?
The yen is not just "pocket money" for travel purposes; it also holds a special position in the financial markets. As one of the world's three major safe-haven currencies (the other two are the US dollar and Swiss franc), the yen often becomes a refuge for funds during market turbulence—during the Russia-Ukraine conflict in 2022, the yen appreciated by 8% in a week, while the stock market fell by 10% in the same period.
For Taiwanese investors, holding yen can hedge against Taiwan stock market risks. Plus, with the Bank of Japan's interest rate hike on the horizon (market expectations of an 80% chance of a rate increase in December, possibly raising to 0.75%, a 30-year high), the medium- to long-term support for the yen should not be underestimated.

When investing in stocks, technical analysis provides a systematic approach to predicting price trends. Among them, the Head and Shoulders Top and Head and Shoulders Bottom are the two most classic patterns. These patterns can help traders determine the timing of trend reversals, thereby increasing the success rate of entries and exits. This article will explore the essence, identification methods, and operational strategies of these patterns through real cases.
The Danger Signal of Head and Shoulders Top in Tencent Case
From late 2022 to early 2023, Tencent's stock formed a textbook Head and Shoulders Top pattern. The entire process took about 5 months: the left shoulder was formed in November, the peak reached (415 yuan) at the end of January, and the right shoulder was completed by the end of March. When the stock price broke below the neckline support level of about 360 yuan( at the end of April, traders who identified this pattern should have exited immediately.
Unfortunately, many investors either missed this signal or held onto hope for a rebound. As a result, nearly a year

Why is it important to understand the US Dollar Index?
When discussing financial markets, people often hear phrases like "US Dollar Index hits a new high" or "US Dollar continues to weaken." But what do these statements really mean? If you're involved in stocks, forex, or commodities trading, fluctuations in the US Dollar Index will directly impact your investment returns. Today, we'll start from scratch to give you a comprehensive understanding of this one of the world's most important currency indicators.
Core Concept of the US Dollar Index
What is the US Dollar Index?
Similar to the "S&P 500" or "Dow Jones Industrial Average," the US Dollar Index (USDX or DXY) is a composite index. The difference is that it doesn't track corporate stocks but measures the relative strength of the US dollar against six major global currencies.
These six currencies are: Euro (EUR), Japanese Yen (JPY), British Pound (GBP), Canadian Dollar (CAD), Swedish Krona (SEK), and Swiss Franc (CHF).
In short, the US dollar

The New Paradigm of the Virtual World: The Core Relationship Between the Metaverse and NFTs
Have you ever wondered why some people are willing to spend thousands of dollars to buy virtual real estate? This is not just simple gaming consumption but represents a completely new asset ownership model. The metaverse, a concept originating from the 1992 novel "Snow Crash," has now become the core platform where the physical and virtual worlds intertwine.
The metaverse is essentially a visually rich virtual space ecosystem where people work, entertain, shop, and socialize. The key technologies supporting this ecosystem are blockchain and NFTs. Venture capitalist Matthew Ball once described the metaverse as "the fourth wave of computing after mainframes, personal computers, and mobile devices," which highlights its significance.
So, what is an NFT? In simple terms, an NFT (Non-Fungible Token) is a digital asset based on blockchain technology that possesses uniqueness and不可复制的特性.

Hong Kong and Taiwan have frequent economic and trade exchanges, and the exchange rate trend of the Hong Kong dollar against the New Taiwan dollar directly affects bilateral trade costs and investment returns. According to statistics from the Taiwan Tourism Bureau, in 2023, Hong Kong tourists became the largest source of visitors entering Taiwan, reaching 770,000 people, demonstrating the close economic ties between the two regions. So, why has the Hong Kong dollar exchange rate recently rebounded? What are the driving forces behind it? How will it develop in the future?
Current core changes in the Hong Kong dollar exchange rate: the dual impact of a strengthening US dollar and Taiwan's political situation
As of February 2024, the HKD/TWD exchange rate rebounded from 3.905 to 4.05, an increase of over 3.8%. The main reasons for this rebound are twofold:
First, the unexpectedly high US inflation data. In February, US CPI and PPI both exceeded expectations, reigniting market concerns about rising inflation. The optimistic expectation that interest rate cuts would begin in March was dispelled, leading to a strengthening of the US dollar index. Due to the Hong Kong dollar with

Why switch to Japanese Yen now?
By the end of 2025, the NT$ to JPY exchange rate has approached 4.85, an appreciation of over 8% compared to 4.46 at the beginning of the year. Converting to Japanese Yen is not just an option for traveling abroad, but also an investment tool to hedge against NT$ depreciation risks.
Japan's economy is stable, with relatively low debt, and the Yen has long been considered one of the world's three major safe-haven currencies (alongside the US dollar and Swiss franc). During global market turbulence, funds often flow into the Yen for safety—during the Russia-Ukraine conflict in 2022, the Yen appreciated 8% in a single week, effectively buffering stock market declines. For Taiwanese investors, allocating some Yen assets not only offers entertainment but also hedges against fluctuations in the Taiwan stock market.
Additionally, the latest hawkish stance from the Bank of Japan is clear. Governor Ueda Kazuo has hinted that the rate hike expectation has reached 80%, with a projected increase to 0.75% in December (a 30-year high), further supporting the Yen's medium-term performance.
NT$ to JPY latest market and investment timing
Based on January 2025

Why Learn Chart Patterns in Technical Analysis
In stock market investing, many rely on technical analysis to predict future trends, and chart patterns are among the most intuitive and easy-to-understand tools. Among these, the Head and Shoulders Top and Head and Shoulders Bottom are two classic formations that help traders quickly identify the formation of market tops or bottoms, thereby grasping the timing for entry and exit. Mastering these pattern recognition skills can significantly improve trading success rates.
Head and Shoulders Bottom: A Buy Signal for Reversal at the Bottom
What is the Head and Shoulders Bottom Pattern?
The Head and Shoulders Bottom can be seen as an inverted version of the Head and Shoulders Top, representing a process where selling pressure gradually diminishes and buying strength emerges. This pattern consists of three lows: the left shoulder, the head, and the right shoulder, with the head being the lowest point and the shoulders relatively higher.
The Three Stages of the Head and Shoulders Bottom
Left Shoulder Stage
During a decline in stock prices, many bottom-fishers begin to enter the market. When the price rebounds to a certain level but fails to rise further, it indicates a lack of upward momentum. As more and more people decide to cut losses, there are increasingly fewer sellers, and the market begins to show signs of stabilization and potential reversal.

Why is the Fibonacci indicator highly valued in trading?
In the field of forex trading, there are many technical analysis methods, but the Fibonacci indicator has become an essential tool for traders worldwide due to its unique mathematical foundation and high accuracy. This indicator system originates from a mysterious sequence of numbers, and the derived ratios are known as the Golden Ratio, which is widely used to predict support levels, resistance levels, and reversal points of asset prices.
The reason why Fibonacci ratios are so effective in financial markets is that their mathematical principles align with proportions commonly found in nature. This discovery was first introduced to the West by the Italian mathematician Leonardo of Pisa (pen name Fibonacci) in the 13th century. Although the concept of these ratios originated from earlier Indian mathematicians, it was Fibonacci who made them famous.
Understanding the Mathematical Nature of the Fibonacci Sequence
Principles of Sequence Construction

Why is technical analysis important? A key tool for investment decisions
When investing in stocks, the primary challenge investors face is how to accurately assess market trends. In addition to analyzing a company's financial data and operational performance, technical analysis is an indispensable investment tool. Technical analysis uses historical price and volume data, applying mathematical formulas to convert them into easy-to-understand chart formats, helping investors quickly identify market trends and entry or exit points.
Unlike simply observing candlestick patterns, technical indicators quantify complex market data, allowing investors to evaluate the buying and selling forces more objectively. Whether short-term traders or long-term investors, mastering appropriate technical indicators can significantly improve decision-making success rates.
Common Categories and Functions of Stock Technical Indicators
Popular technical indicators in the market can be divided into three main categories, each serving different analytical purposes.
Tracking Market Direction: Trend Indicators
Trend indicators

Historical Perspective: The Eight Major Cycles of the US Dollar Index
To understand the current outlook for the US dollar, it’s helpful to review its development over the past 50 years. Since the collapse of the Bretton Woods system in the 1970s, the US dollar index has gone through eight key phases, each driven by significant economic events.
The market panic caused by the 2008 financial crisis led to a massive flight to the dollar, resulting in a sharp appreciation of the USD. During the COVID-19 pandemic in 2020, the US implemented loose monetary policies to stimulate the economy, causing the dollar to weaken temporarily. However, as the US economy recovered, the dollar rebounded strongly. The aggressive interest rate hike cycle in 2022-2023 made the dollar exceptionally strong against most currencies, with the US Dollar Index briefly surpassing the historical high of 114.
Entering 2024-2025, the Federal Reserve has begun a new cycle of interest rate cuts. According to the latest dot plot projections, the goal is to bring the US dollar interest rate down to around 3% by 2026. This policy shift indicates that the US

Policy Changes Trigger Market Reshuffle
Political signals over the weekend disrupted the market's steady rhythm. U.S. President Trump announced that the next Federal Reserve Chair has been finalized, hinting that the current Chair Powell may step down early. This news, coupled with China's new round of cryptocurrency regulations, caused investors' risk appetite to plummet, with risk-averse funds flowing entirely into traditional safe assets. As a result, Bitcoin (BTC) briefly dropped to around $86,600, and Ethereum (ETH) was not spared, falling over 5%. According to the latest market data, BTC is at $91.95K (down 2.15% in 24 hours), and ETH is at $3.22K (up 0.60% in 24 hours).
Commodity Markets Experience Supply Crisis
Meanwhile, the global commodities market has shown a completely opposite scenario. Silver prices soared to $57.87 per ounce, hitting a record high, and gold also broke through $4,256.

When the NT dollar to Japanese Yen reaches 4.85, is this a good time to enter the market?
In December 2025, the Japanese Yen exchange rate once again becomes a focus for investors. The NT dollar against the Yen has risen from 4.46 at the beginning of the year to 4.85, an increase of 8.7% in just one year. Many people are starting to seriously consider exchanging for Yen—whether for international travel or as an asset hedging strategy. But the key question is: with the same 50,000 NT dollars, choosing the wrong exchange method could cost an extra 1,500-2,000 NT dollars. We have thoroughly tested the four mainstream Yen exchange channels in Taiwan and calculated the actual costs for you.
Why is the Yen worth paying attention to? It’s not just for travel “pocket money”
In the global foreign exchange market, the Yen is one of the three major safe-haven currencies alongside the US dollar and Swiss franc. There are deep reasons behind this:
Stable economic fundamentals
Japan has maintained low debt and low inflation over the long term, with a well-developed economic structure. When market volatility increases (such as in 202

Is it really cost-effective to exchange to Japanese Yen now? Timing and strategy are more important than ever
As of December 10, 2025, the TWD/JPY exchange rate is 4.85, up 8.7% from 4.46 at the beginning of the year. Many people ask: Should I exchange now? The answer is yes, but with a strategy.
The Japanese Yen has indeed appreciated significantly this year, mainly due to rising expectations of interest rate hikes by the Bank of Japan. Governor Ueda Kazuo's hawkish stance has pushed market expectations of rate hikes to 80%. The December 19 meeting is expected to raise the rate to 0.75%, a 30-year high, with Japanese government bond yields surpassing 1.93%. Conversely, USD/JPY has fallen from a high of 160 at the start of the year to 154.58. In the short term, it may fluctuate around 155, but in the medium to long term, it is forecasted to fall below 150.
Implications for investors:
- Taiwan's demand for currency exchange increased by 25% in the second half of the year, mainly driven by tourism recovery and risk hedging
- The Japanese Yen, as one of the three major safe-haven currencies (alongside USD and Swiss Franc), is suitable for

The first wave of economic policies after Trump took office shocked the market. After announcing a 25% tariff on all imported steel and aluminum products from the United States, the yen exchange rate came under pressure. In response to this wave of trade protectionism, Japan adopted a bold countermeasure—pledging to increase its direct investment in the U.S. to $1 trillion.
On February 7, Japanese Prime Minister Shinzō Abe held his first formal meeting with Trump. Abe stated that Japanese companies are optimistic about the prospects of the U.S. market and will significantly increase their investment efforts. Japanese firms such as SoftBank Group are planning to invest hundreds of billions of dollars in the U.S. for artificial intelligence infrastructure development, which is expected to further boost Japan’s investment scale in the U.S. Trump responded positively, acknowledging Japan’s contribution to creating jobs in the United States.
As of 2023, Japan’s direct investment in the U.S. has reached $800 billion, maintaining the top position globally for five consecutive years. If this investment plan is implemented, Japan will become the largest overseas investor in the United States.

The precious metals market at the end of the year experienced a wave of shakeouts. On December 29, gold prices once dropped over 4%, approaching $4,300 per ounce; silver fared even worse, closing down 9% to $70.53 per ounce, while platinum and palladium also declined by over 14% and 15%, respectively. Such a large decline has caused many investors to question.
What exactly caused this wave of decline?
On the surface, the collective drop in precious metals stems from multiple factors resonating together. Market profit-taking is one of them — after a long period of gains, investors chose to cash out their profits. More importantly, the CME raised margin requirements for various metals futures, including gold and silver, after the market close on December 29. This means traders need to put in more cash to maintain their existing positions, forcing speculators with limited funds to reduce or close their positions, further intensifying selling pressure.
In addition, the liquidity crunch at the end and beginning of the year cannot be ignored. As UBS

Japanese Yen Appreciates by 8.7%, Creating a Golden Opportunity for Currency Exchange
On December 10, 2025, the Taiwan dollar against the Japanese Yen broke through the 4.85 mark—what opportunities are hidden behind this number?
At the beginning of the year, it was still 4.46, with a short-term increase of 8.7%. For Taiwanese investors, this is not just a currency exchange issue for traveling abroad, but also a new option for asset allocation. Especially when the Taiwan dollar faces depreciation pressure and stock market volatility intensifies, the Japanese Yen, as one of the world's three major safe-haven currencies, is quietly becoming a safe harbor for small investors' assets.
According to market observations, Taiwan's currency exchange demand increased by 25% in the second half of the year, with over 60% coming from risk hedging rather than pure travel needs. This time, exchanging Yen is not just for buying cosmetics and anime merchandise.
Why is the Yen worth exchanging? A dual role of hedging + returns
1. Hedging attribute: One of the world's three major safe-haven currencies
Japan's economy is stable, with a sound debt structure, and the Yen has long been linked to the US dollar

2025 has already been a year of intense yen volatility, with USD/JPY fluctuating under the multiple influences of the Federal Reserve's rate cuts, the Bank of Japan's rate hikes, and political changes. As we enter 2026, how will this "exchange rate game" unfold? Various Wall Street institutions have given very different answers.
Fiscal Stimulus vs. Central Bank Tightening, Yen Under Pressure
Analysts at JPMorgan Chase and Barclays Bank agree that Japan's new government's expansionary fiscal policies will be the key factor suppressing the yen.
Prime Minister Sanae Yoshimura's proactive fiscal measures aim to stimulate economic growth, but the side effects are obvious—such policies often raise domestic inflation expectations in Japan, thereby weakening the yen's attractiveness in the international foreign exchange market. More challenging is that market expectations for the Bank of Japan's rate hikes have been fully priced in, leaving limited room for further increases, making it difficult to provide effective support for the yen.
In this