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This week, our Global FX Strategists, Arindam Sandilya and Patrick Locke break down the latest on 1) the US government shutdown's impact on the dollar, 2) next week's Japan LDP election for JPY, and 3) notable flows from recently-released FX reserve manager data for 2Q.

This podcast was recorded on 03 October 2025.

This communication is provided for information purposes only. Institutional clients can view the related report at

https://www.jpmm.com/research/content/GPS-5093564-0

for more information; please visit

Global FX: Shutdown limbo

At Any Rate