[QCP: Yen Strengthens Amid Energy Inflation Risks, Fed Faces Test in Holding Steady This Year] Deep Tide TechFlow reports that on September 10, QCP released a macro-themed report stating that the recent rapid appreciation of the yen is primarily influenced by the normalization of Bank of Japan policies, the unwinding of carry trades, and the weakening of the U.S. dollar. The significant decline in Japan's foreign exchange reserves may be related to intervention measures, and the market should remain alert to further intervention risks. On the inflation front, the spring PCE increase was mainly driven by energy prices. Although the energy contribution has receded, core PCE remains at 3.3%, indicating that inflationary pressures have not fully eased. The U.S. labor market remains resilient, supporting expectations of a soft landing, but risks from high financing costs and energy supply shocks persist. QCP believes that if employment remains strong and core inflation remains stubborn, expectations for tighter Federal Reserve policies may heat up again.