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Japanese Finance Minister Satsuki Katayama declined to comment on whether foreign exchange intervention was carried out today.On August 3rd, the Token Service Working Group (in preparation) of the Artificial Intelligence Industry Development Alliance (AIIA) recently held a closed-door seminar on "Token Cross-border Flow and Open Cooperation." The Token Service Working Group will systematically promote the construction of a token cross-border flow and open cooperation mechanism in the following five aspects: First, systematically conduct research on cross-border flow mechanisms. Compile the "Token Cross-border Flow Development Research Report," analyze the regulatory policies and technical constraints of major global markets, and clarify compliance boundaries, risk points, and feasible paths; Second, simultaneously develop dual standards and specifications for compliance and technology. Promote the compilation of the "Artificial Intelligence Token Cross-border Flow Compliance Guidelines" and the "Artificial Intelligence Token Cross-border Flow Technical Requirements," clarify compliance requirements for data export and technology export, and unify interface specifications for cross-domain transmission and computing power scheduling; Third, conduct pilot demonstrations in emerging markets. Relying on multilateral and bilateral mechanisms targeting emerging markets such as ASEAN and BRICS, and the advantages of free trade zones, conduct closed-loop verification of "compliant entry + domestic processing + compliant exit," testing the stability of technical solutions and the effectiveness of compliance mechanisms; Fourth, build a cross-border service supply and demand matching platform; Fifth, construct a token cross-border flow service system.Japanese Chief Cabinet Secretary Minoru Kihara: Japan and the United States maintain close communication on foreign exchange issues. If necessary, Japan will not hesitate to take further foreign exchange action.August 3 - The Peruvian National Institute of Geophysics reported that a 5.7-magnitude earthquake struck 53 kilometers northeast of Ocaiacu, Leoncio-Oprado Province, Huanuco Region, at 8:42 p.m. local time on August 2. The earthquake had a depth of 152 kilometers, and there are currently no reports of casualties or damage.August 3rd - Driven by major customers such as Nvidia, AMD, and Broadcom actively securing production capacity, TSMCs 3nm process target of 180,000 wafers per month, originally scheduled for the end of the year, is expected to be achieved ahead of schedule in early Q4. Meanwhile, orders for the 2nm process are also rapidly increasing, with monthly wafer shipments expected to approach 100,000 wafers by the end of the year as planned.

Fears of Stagflation Caused by Tightening Policies Increase As Asian Stocks Fluctuate

Haiden Holmes

Jun 15, 2022 11:11

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Asia-Pacific stocks were mixed this morning, Wednesday. Ahead of a U.S. Federal Reserve meeting that is likely to provide strong tightening decisions, U.S. share markets continued to decline.


Nikkei 225 dropped 0.67 percent at 10:49 PM ET (2:49 AM GMT).


The KOSPI decreased by 1.21 percent.


Australia's ASX 200 index declined 0.38 percent.


Hong Kong's Hang Seng gained 1.14 percent .


Shenzhen Component rose 0.49 percent and Shanghai Composite rose 0.90 percent.


China's industrial output climbed by 0.7% year-over-year in May, according to statistics released on Wednesday, which was marginally higher than market estimates. In April, a decrease of 2.9% was seen, whereas Investing.com had expected a decrease of 0.7%.


Nonetheless, as Beijing saw clusters of COVID-19 breakouts, the city's officials warned on Tuesday that the city was in a "race against time," heightening concerns that the reinstatement of harsh restrictions might harm the city's economy and global supply chain.


The S&P 500 finished down for the fifth consecutive day due to concerns that Fed measures to tighten monetary policy to calm raging inflation might lead to stagflation.


Investors are now betting on aggressive interest rate rises, such as 75 basis points from the Fed, which would be the largest increase since 1004


Steve Englander, director of global G10 FX research at Standard Chartered Bank, wrote in a note, "Inflation is front and center in the headlines and asset markets, and few are voicing worry about over tightening the monetary policy."

After their greatest decline in decades, Treasuries stabilized. Two-year rates recovered after reaching a level not seen since 2007, while 10-year yields retreated from around 3.5 percent.


Barbara Ann Bernard, chief investment officer of Wincrest Capital Ltd., told Bloomberg, "The sooner they are explicit about how rapidly they would increase interest rates and what amount of inflation they consider acceptable, the sooner the markets will settle down."


The Bank of England will announce its policy decision on Thursday, while the Bank of Japan will announce its decision on Friday.


Bitcoin's value on the cryptocurrency market steadied at $22,000.


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