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On January 28th, a report about a large number of traditional Chinese medicine (TCM) products being phased out of the market went viral. The report stated that Article 75 of the National Medical Products Administrations "Special Regulations on the Registration Management of Traditional Chinese Medicines" is entering its final window of implementation. This regulation, known in the industry as the "life-or-death clause" for TCM products, clearly states that after three years from July 1, 2023, any TCM product whose instructions still indicate "not yet clear" will have its re-registration application rejected. This means that of the approximately 57,000 valid TCM product approval numbers currently in use in China, over 70% with safety information labeling issues will face elimination. Is this the actual situation? Interviewed TCM product company representatives tend to believe that the policy will primarily affect "zombie" approval products—those with registration certificates but no long-term production or sales, lacking post-market pharmacovigilance and adverse reaction monitoring data. Currently, catching up would require a relatively large investment, and some pharmaceutical companies may abandon re-registration efforts after weighing the economic benefits.AT&T (TN) shares rose 3.3% in pre-market trading after the release of its fourth-quarter earnings report.January 28th - According to the Ministry of Industry and Information Technology, the mandatory national standard "Technical Requirements and Test Methods for Automatic Emergency Braking Systems of Light-Duty Vehicles" (GB 39901-2025) will be officially implemented on January 1, 2028.On January 28, Wang Yi, member of the Political Bureau of the CPC Central Committee and Director of the Office of the Central Foreign Affairs Commission, held a telephone conversation with Bernard Bonne, Foreign Affairs Advisor to the French President, at the latters request. Wang Yi reiterated that China and the EU are partners, not adversaries, a fact already proven by the fruitful cooperation achieved between the two sides over the past 50 years. China and the EU share similar or identical positions on many issues, including promoting a multipolar world, and are capable of resolving specific trade disputes through dialogue. Under the current circumstances, it is especially important for China and the EU to strengthen dialogue, enhance mutual trust, and deepen cooperation. The recent visits to China by several European leaders have strongly promoted China-EU relations. He hoped that France would continue to play a positive role within the EU and promote the healthy and stable development of China-EU relations. The two sides also coordinated their positions and exchanged views on current hot issues such as the Ukraine crisis, the situation in Venezuela, and the situation in Iran.On January 28, the website of the Central Commission for Discipline Inspection and the National Supervisory Commission reported that, according to the Discipline Inspection and Supervision Group of the Central Commission for Discipline Inspection and the National Supervisory Commission stationed at the Industrial and Commercial Bank of China (ICBC) and the Hebei Provincial Commission for Discipline Inspection and Supervision, Guo Wei, former Party Secretary and President of the Yunnan Branch of ICBC, is suspected of serious violations of discipline and law and is currently under disciplinary review by the Discipline Inspection and Supervision Group of the Central Commission for Discipline Inspection and the National Supervisory Commission stationed at ICBC and under investigation by the Hebei Provincial Supervisory Commission.

Even as the BoJ vs. Fed Difference Remains in the Spotlight, USD/JPY Tracks Below 134.00 on Lackluster Yields

Alina Haynes

Apr 17, 2023 14:02

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As Monday begins in Tokyo, USD/JPY falls from its intraday high and stabilizes around 133.80. As a consequence, the Yen pair is unable to extend its previous day's gains due to lax market conditions preceding this week's key data/events. In addition to a paucity of significant data or events, USD/JPY traders have recently struggled with inconsistent triggers and sluggish returns.

 

The previous day, USD/JPY reached its highest level in a week as primarily positive US data dampened expectations for a policy shift and rate cut by the Federal Reserve (Fed) in 2023. Despite this, US retail sales decreased by 1.0% in March compared to the predicted -0.4% decline and February's -0.2% decline. As opposed to the 0.2% market consensus and previous reading, Industrial Production increased by 0.4% in the month in question. The preliminary result of the University of Michigan's (UoM) Consumer Confidence Index for April, which increased to 63.5 from 62.0 analysts' expectations and previous readings, was also encouraging. In addition, inflation forecasts for the next year increased from 3.6% in March to 4.6% in April, while inflation forecasts for the next five years decreased by 2.9% during the same month.

 

Previously, the USD/JPY pair increased due to hawkish Fed discussions. In an interview with Reuters on Friday, Raphael Bostic, president of the Atlanta Federal Reserve (Fed), stated that "recent developments are consistent with one more rate hike." According to Reuters, Fed Governor Christopher Waller discussed this topic and stated that additional rate hikes are necessary because the Fed has not made significant progress toward its inflation objective. In an interview with CNBC on Friday, Austan Goolsbee, president of the Federal Reserve Bank of Chicago, stated that he still needs to examine the statistics. The lawmaker said, "However, let's keep in mind that we've raised a lot of money; some of the delay may be reflected in today's retail sales number."

 

In contrast, the USD/JPY pair was able to maintain its strength due to the new Governor of the Bank of Japan (BoJ), Kazuo Ueda, who supports the Japanese central bank's easy-money policy.

 

Recent geopolitical tensions between China and the United States over Taiwan, as well as China's desire to collaborate with Russia to enhance regional and global security, have weighed on the USD/JPY pair and agitated the market.

 

S&P 500 Futures struggle to find a clear direction amidst these wagers following Wall Street's pessimistic close, as bond yields remain neutral despite weekly gains.

 

The preliminary readings of the US PMIs for April and the Japanese National Consumer Price Index (CPI) for March will be crucial to monitor going forward. The previously mentioned risk factors and central banker comments are also significant.


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