US stocks rallied as markets leaned risk-on despite ongoing geopolitical uncertainty around US/Iran developments. Sentiment was boosted by strong earnings. Alphabet and Amazon impressed with robust growth and strong cloud demand, while Qualcomm reversed earlier losses on upbeat commentary about China phone shipments. However, mega-cap tech saw some divergence, with Microsoft and Meta pressured by concerns over elevated AI-related capex. Elsewhere, cyclicals and defensives broadly gained, with Communication Services leading sectors while Technology lagged.JPY outperformed its G10 peers, USD/JPY plummeted, earlier initiated by jawboning and then further driven by a report by the Nikkei, confirming that the MoF had intervened…