Ueda: Japan's Economy and Monetary Policy

Economic activity in the manufacturing sector contracted in November for the ninth consecutive month, following a two-month expansion preceded by 26 straight months of contraction, say the nation's supply executives in the latest ISM® Manufacturing PMI® Report. The report was issued today by Susan Spence, MBA, Chair of the Institute for Supply Management® (ISM®) Manufacturing Business Survey Committee. "The Manufacturing PMI® registered 48.2 percent in November, a 0.5-percentage point decrease compared to the reading of 48.7 percent in October. The overall economy continued in expansion for the 67th month after one month of contraction in April 2020. (A Manufacturing PMI® above 42.3 percent, over a period of time, generally indicates an expansion of the overall economy.) The New Orders Index contracted for a third straight month in November following one month of growth; the figure of 47.4 percent is 2 percentage points lower than the 49.4 percent recorded in October. The November reading of the Production Index (51.4 percent) is 3.2 percentage points higher than October's figure of 48.2 percent. The Prices Index remained in expansion (or 'increasing' territory), registering 58.5 percent, up 0.5 percentage point compared to the reading of 58 percent reported in October. The Backlog of Orders Index registered 44 percent, down 3.9 percentage points compared to the 47.9 percent recorded in October. The Employment Index registered 44 percent, down 2 percentage points from October's figure of 46 percent. US ISM Manufacturing Nov: 48.2 (est 49.0; prev 48.7) - Price Paid: 58.5 (est 57.5; prev 58.0) - New Orders: 47.4 (prev 49.4) - Employment: 44.0 (prev 46.0)

The U.S. banking system continues to maintain strong capital and liquidity levels while maintaining strong profitability and healthy loan growth. U.S. banks are well positioned to continue to support a growing economy. In Accordance with Our Statutory Mandates, Supervisors Are Focusing on Risks to Banks’ Safety and Soundness, Particularly Core and Material Financial Risks . . . The Federal Reserve is closely monitoring and addressing vulnerabilities that could lead to bank failures or significant deterioration in financial condition. This approach prioritizes addressing financial risks over process and documentation shortcomings, which will ensure more efficient and effective supervision. As part of this strategic shift, we are updating the supervisory ratings frameworks and changing examination priorities. These reforms and other changes will enhance transparency and increase public accountability FED: BANKING SYSTEM STILL MAINTAINS STRONG CAPITAL LEVELS The Fed: Still focused on banks and commercial real estate lending.

Strategy buys 130 Bitcoin November 17th to November 30th for aggregate purchase price $11.7M STRATEGY ESTABLISHES USD RESERVE OF $1.44 BLN FOR DIVIDENDS: FILING Form 8-K: Strategy Inc On December 1, 2025, Strategy Inc (“Strategy”) announced that it has established a US dollar reserve (“USD Reserve”) of $1.44 billion to support the payment of dividends on its preferred stock and interest on its outstanding indebtedness (“Dividends”). The USD Reserve was funded using proceeds from the sale of shares of class A common stock under Strategy’s at-the-market (“ATM”) offering program. Strategy’s current intention is to maintain a USD Reserve in an amount sufficient to fund at least twelve months of Dividends, and Strategy intends to strengthen the USD Reserve over time, with the goal of ultimately covering 24 months or more of its Dividends. The maintenance of this USD Reserve, as well as its terms and amount, remain subject to Strategy’s sole and absolute discretion and Strategy may adjust the USD Reserve from time-to-time based on market conditions, liquidity needs and other factors. $MSTR announces the formation of a $1.44 billion USD Reserve and an increase in its BTC Reserve to 650,000 $BTC . pic.twitter.com/e1tAhDUo9G