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The market is ending its holiday Monday holding its breath. In the dead hours between the European close and Tokyo's return, every major currency sits within about a basis point of flat — after a day in which the yen broke dollar-yen through the 155.20-155.25 floor that had held for a week and ran to its strongest since February, nobody is adding and nobody is taking profit.

The pair sits in the mid-154s with the broken zone overhead still untested from below, and the stillness is itself information: a book that neither extends an 85-basis-point break nor fades it in the quiet is one waiting for real liquidity to arrive and judge it. That judgment now runs on a schedule.

Tokyo opens within hours for Japan's first full session since the break, which happened after its close. A minute past midnight, Canada's counter-tariffs on about C$27.6 billion of US goods go live — 15 to 50 percent on more than 700 products, matching Washington's late-August tariffs rate for rate, with goods already in transit exempt.

Then New York returns from Labor Day to a broken floor it has never traded and a week it owns: the August CPI report lands Friday, 11 September, as the last big input before the Federal Reserve's meeting on the 15th and 16th, where markets price roughly a 60 percent chance of a quarter-point hike over loud White House objection — with the European Central Bank on Thursday in between and the Bank of Japan's heavily priced meeting the week after.

Nothing new landed through the American evening: Iran's promised restricted zone beyond Hormuz remains promised rather than declared, with whether it can be enforced at all now the open debate, and Tokyo has said nothing further about its currency — no official hand has been reported on either side of the yen's day. The week ahead carries more scheduled verdicts than any this month, and the first arrives with Tokyo's open.