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December 12 - At approximately 12:21 PM Japan time on December 12, a 5.6-magnitude earthquake struck off the east coast of Aomori Prefecture, with the strongest tremor felt at an intensity of 3.On December 12th, the overnight SHIBOR was reported at 1.2790%, down 0.40 basis points; the 7-day SHIBOR was reported at 1.4510%, up 1.90 basis points; the 14-day SHIBOR was reported at 1.5090%, up 0.90 basis points; the 1-month SHIBOR was reported at 1.5250%, up 0.10 basis points; and the 3-month SHIBOR was reported at 1.5850%, up 0.10 basis points.December 12th - According to a report by Nikkei Asia citing sources, TSMC is considering switching its Kumamoto Fab 2 process to the more advanced 4nm technology due to declining demand for 6nm and 7nm chips, originally planned for production, as major clients like Nvidia have begun to switch to more advanced chips. This move could delay mass production and require redesign of the plant, potentially forcing a postponement of the planned mass production by the end of 2027. Nikkei reports that construction at the Kumamoto Fab 2 has suddenly halted, with almost all large construction equipment absent, and suppliers have confirmed receiving notices of the work stoppage. TSMC has neither confirmed nor denied the news of the Kumamoto Fab 2 shutdown, stating only that the Japanese project will continue and that the company will not comment on market rumors or speculation.CNPC Research Department: With the continued advancement of urbanization, urban gas demand still has huge growth potential in the next decade.On December 12th, Australian Prime Minister Barnes endorsed a government bailout plan to address rising energy costs, with Australias largest aluminum smelter expected to continue operating beyond 2028. Barnes announced the financial support at the Tomago smelter site on Friday. This followed months of warnings from Rio Tinto, the plants owner, that the plant could face closure as existing power supply contracts expire later this year. Barnes stated that the federal and New South Wales governments will work with the company to finalize the details of the agreement. "We are working with the NSW government to ensure a long-term energy solution beyond 2028 is found," Barnes said.

AUD/JPY tumbles below 90.00 as market sentiment deteriorates

Daniel Rogers

May 12, 2022 10:54

The AUD/JPY pair has fallen below the two-day low at 89.78 and is projected to prolong losses as negative market sentiment has dampened demand for risk-perceived assets. The asset's five-day losing run extended on Thursday, and a significant decline to roughly $86.00 is anticipated.

 

The asset remained under the control of bears after the Reserve Bank of Australia's (RBA) rate hike decision failed to excite market participants. The Reserve Bank of Australia (RBA) raised interest rates by 35 basis points (bps) for the very first time since the introduction of the Covid-19. Rising pricing pressures compelled RBA Governor Philip Lowe to take a surprisingly hawkish stance on monetary policy last week.

 

In addition, the sixth straight decline in Australian Westpac Consumer Confidence prompted market players to sell the Australian dollar. The Australian economic data came in at -5.6%, substantially lower than the previous number of -0.9%. Eventually, the antipodean was affected by the persistent decline in confidence among the populace.

 

In the meantime, the Japanese yen is strengthening its safe-haven appeal. The yen's value has been supported by the market structure of value buying. The Monday release of the Japan Produce Price Index (PPI) will provide investors with additional guidance. The preliminary estimates for the monthly and annual PPI are 0.3% and 9.7%, respectively. 

AUD/JPY

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