Opening

During Netanyahu's speech at the UN General Assembly, dozens of delegates walked out on the spot, prompting him to fire back at those who remained, with pointed criticism aimed at longtime allies including the UK and France. Today we'll also look at how US and Japanese government bond yields have surged together to multi-decade highs, and what that means for your wallet and the Taiwan dollar. We'll also cover Pakistan's airstrikes on Afghanistan, and the latest on the damage from Typhoon Danas, which has battered Japan and left 12 dead.

Today's Global Focus

1. US and Japanese bond yields surge together to multi-decade highs

• What happened: The US 30-year Treasury yield hit 5.501% intraday, its highest level since June 2004. The 10-year yield, which tracks mortgage rates, jumped more than 10 basis points to 5.223%, its highest since June 2007, while the 2-year climbed to 4.941%. On the same day, Japan's 10-year government bond yield rose to 3.055%, a fresh high since August 1996, with the 5-year hitting a record 2.345% and the 30-year reaching 4.134%.
• Why it matters: The yield surge signals a broad-based rise in global borrowing costs, with US 30-year mortgage rates back up to 7%. Markets are repricing the risk of "higher rates for longer."
• Taiwan angle: Rising US Treasury yields alongside a stronger dollar tend to weigh on the Taiwan dollar and Taiwan stock valuations, while yen movements also affect how far Taiwanese travelers' money goes in Japan.
• Source: CNBC (https://www.cnbc.com/2026/09/24/japan-jgb-bond-yield-treasurys.html)

2. Reports of phased talks to reopen the Strait of Hormuz pull oil prices back from highs

• What happened: Brent crude surged nearly 5% intraday, briefly touching $108.23abarrel,beforeclosingat108.23\; a\; barrel,\; before\; closing\; at$106.60, up 3.4% on the day. Prices have climbed more than 17% since the start of September. The rally was driven by Houthi attacks on Saudi Arabia's Yanbu and reduced output at Libya's largest oil field after armed groups shut off a valve. Prices later gave back some gains on reports of "phased" talks to reopen the Strait of Hormuz.
• Why it matters: The Strait of Hormuz is a critical chokepoint for global oil shipments, and any risk to passage there immediately shows up in oil prices. The pullback suggests the talks may be easing tensions, though the situation remains fluid.
• Taiwan angle: Taiwan imports nearly all of its energy, so oil prices and the status of the Strait of Hormuz feed directly into domestic fuel prices, electricity costs, and shipping rates.
• Source: CNBC (https://www.cnbc.com/2026/09/24/oil-iran-crude-kepler-trump-us-un-.html)

3. Saudi-led coalition says it intercepted 6 ballistic missiles; Houthis claim retaliatory strikes on Riyadh and Yanbu

• What happened: The Saudi-led coalition said it intercepted 6 ballistic missiles fired by Houthi forces toward Taif and the Red Sea oil port of Yanbu. Hours later, according to CP24, Houthi military spokesman Yahya Saree claimed the group had launched missile and drone strikes on a "sensitive target" in Riyadh and on Saudi Aramco facilities in Yanbu.
• Why it matters: Yanbu is a major oil export hub along the Red Sea coast. While the two sides' accounts differ, both point to rising risk in the same region, underscoring how Red Sea shipping and energy infrastructure remain exposed to ongoing conflict.
• Taiwan angle: If Yanbu were indeed damaged, it would push up Taiwan's crude oil import costs and Red Sea shipping rates.
• Source: CP24 / CTV News (https://www.cp24.com/news/world/2026/09/24/saudi-led-coalition-says-6-ballistic-missiles-are-intercepted-and-blames-houthi-rebels/)

4. US Senate again rejects resolution to withdraw from military action against Iran, as diesel prices climb

• What happened: The US Senate voted 49-50 to reject a war powers resolution that would have required US forces to withdraw from hostile actions against Iran. This marks the 14th time the Senate has taken up such a resolution since the US and Israel began bombing Iran in late February this year. Four Republican senators, Collins, Murkowski, Paul, and Tillis, crossed party lines to support the measure, while Democrat John Fetterman was the sole Democrat to vote against it. Reports note that the standoff at the Strait of Hormuz has pushed fuel prices higher, with diesel repeatedly topping $6.50 a gallon in recent weeks.
• Why it matters: Though the resolution carries no legal force, 14 consecutive failed votes reflect a lack of congressional consensus on Middle East military action. The US military's continued deep involvement in the region also affects broader priorities in force deployment.
• Taiwan angle: Long-term US military commitments in the Middle East could crowd out resources for the Indo-Pacific, while rising fuel prices also feed through to Taiwan's transportation and manufacturing costs.
• Source: Stars and Stripes (https://www.stripes.com/theaters/us/2026-09-24/senate-votes-down-resolution-iran-war-22954545.html)

5. Netanyahu's UN speech triggers walkout, draws firm response to Gaza accusations

• What happened: Dozens of delegates walked out during Israeli Prime Minister Netanyahu's speech at the UN General Assembly, with some booing from the floor. According to Al Jazeera, Netanyahu responded firmly to those who remained, calling accusations of genocide in the Gaza military campaign "the greatest lie of this century." He also singled out allies including the UK, Turkey, and France, as well as New York City Mayor Zohran Mamdani, for criticism.
• Why it matters: The speech highlights growing cracks between Israel and some of its traditional allies. The accusations of genocide over the Gaza campaign remain highly contentious internationally, and Netanyahu's remarks stood in sharp contrast to the walkouts and booing from delegates. Public reporting so far has not included detailed counterarguments, so it's worth watching whether a fuller response emerges.
• Taiwan angle: The UN General Assembly is a venue Taiwan has long been excluded from, and this scene of shifting alliances and delegates protesting with their feet offers a useful window into changing dynamics within international organizations.
• Source: Al Jazeera (https://www.aljazeera.com/news/2026/9/24/benjamin-netanyahu-attacks-israels-enemies-and-allies-in-un-speech)

6. Pakistan launches airstrikes on Afghanistan, Taliban government vows response

• What happened: Pakistan said it carried out airstrikes and drone attacks on 10 locations inside Afghanistan, targeting sites in Kandahar, Paktia, and Khost provinces allegedly used to store and launch drones. According to Al Jazeera, Pakistani officials described the operation as "deliberate, precise, calibrated, and proportionate." A spokesperson for Afghanistan's Taliban government said the strikes killed at least 4 people and vowed to respond.
• Why it matters: Cross-border drone strikes are becoming a new normal in regional conflicts. With both sides offering starkly different accounts, whether tensions will continue to escalate remains to be seen.
• Taiwan angle: This kind of cross-border attack directly affects flight routes and safety assessments for Taiwanese businesspeople and travelers in South Asia.
• Source: Al Jazeera (https://www.aljazeera.com/news/2026/9/24/pakistan-says-it-launches-air-strikes-on-afghanistan-after-drone-attacks)

7. Typhoon Danas batters Japan, leaving 12 dead and 3 missing

• What happened: According to Japan's Fire and Disaster Management Agency, Typhoon Danas has killed 12 people and left 3 missing nationwide as of September 24, including 7 deaths in Chiba Prefecture, 4 in Kanagawa Prefecture, and 1 in Miyazaki Prefecture. Heavy rain on September 21-22 triggered flooding and landslides across eastern Japan, with Oshima in Tokyo recording 832mm of rainfall over 48 hours, a new record for the station.
• Why it matters: A damage assessment released by Kanagawa Prefecture on September 24 listed 3 homes completely destroyed (2 in Miura, 1 in Yokosuka) and 4 more partially damaged across Yokohama and Yokosuka, showing that the toll from short bursts of intense rainfall on urban infrastructure is still emerging.
• Taiwan angle: Transportation and lodging disruptions in the Kanto region directly affect travel plans for Taiwanese visiting Japan, and serve as a reminder for Taiwan, which sits along the same northwestern Pacific typhoon path, to stay alert to extreme short-duration rainfall.
• Source: The Watchers (https://watchers.news/2026/09/24/typhoon-dujuan-leaves-12-dead-and-3-missing-record-rain-floods-and-landslides-hit-japan/)

Closing

The one thing worth remembering today is that tensions in the Middle East are simultaneously moving oil prices, bond yields, and US domestic politics, everything is connected. Over the coming days, we'll keep tracking progress in the Strait of Hormuz talks and the recovery efforts following Typhoon Danas in Japan. I'm Muyan, see you tomorrow.