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January 22 – As Japan prepares for next months snap election, Munehito Kamiya, leader of a newly emerging minority party, stated that the Bank of Japans (BOJ) interest rate hikes may be too rapid and could harm the economy. He said the partys priority is to revitalize the economy through tax cuts, particularly the consumption tax, and loose fiscal policy. Kamiya said the BOJ should proceed cautiously with interest rate hikes given the still fragile economy. "I think the pace of interest rate hikes is a bit too fast," Kamiya said, warning that raising borrowing costs too early could harm the economy and small businesses. "Im not against the BOJs policy direction; the problem is the speed." Kamiya stated, "The division of power between the government and the central bank is quite important. On the other hand, in Japan, fiscal and monetary policies havent reached the level of cooperation they should." "Overemphasizing the BOJs independence could have a negative impact on the economy," he added.The yield on Japans 30-year government bonds fell 10 basis points to 3.62%.The yield on Japans 20-year government bonds fell 7.0 basis points to 3.185%.January 22 - Soaring freight rates have prompted some shipowners to use new tankers to transport Russian oil. This trade is typically carried out by older vessels nearing or exceeding their service life. By the end of 2025, the US and EU will blacklist hundreds of tankers involved in the Russian oil trade, leading to supply shortages and a surge in freight rates. Reputational risks and the threat of sanctions have deterred some shipowners, but at least two Greek companies find the enormous profits from transporting Russian crude too tempting. Transporting Russian oil is not entirely illegal, but if the transport price exceeds the so-called "price cap," it means that Western suppliers (such as dominant players in the insurance industry) will be unable to support the trade. Fears of exceeding the price cap often hinder legitimate operators, while a "dark fleet" fills this gap. Now, sanctions have caused Russian oil prices to plummet, providing a buffer against the price cap and giving Greek companies the confidence to participate in the oil trade, profiting from it using three tankers less than a year old.Shares of Tokyo Electric Power Company (TEPCO) continued to fall, currently down 3.0%. The company stated that an alarm sounded during control rod removal operations at Unit 6 of the Kashiwazaki-Kariwa Nuclear Power Plant, which was restarted on the 21st, and the removal operation was halted.

Peirce of the US Securities and Exchange Commission Sees Movement on Stableco in Laws

Cory Russell

May 13, 2022 10:33

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The collapse of the stablecoin TerraUSD and a destabilizing drop in Tether, the world's biggest stablecoin by market size, have given cryptocurrency markets an overall worth of almost $1 trillion this week.


Stablecoins are digital currencies that are linked to conventional assets such as the dollar.


During an online panel discussion organized by the London-based Official Monetary and Financial Institutions Forum policy think tank, SEC Commissioner Hester Peirce remarked, "One area we could see some movement is around stablecoins."


"That's an area that has certainly gained a lot of attention this week," Peirce continued, highlighting the possibility for stablecoins to be used in future marketplace constructions.


She went on to say that the SEC's wide regulatory jurisdiction allows it to catch digital currencies and the technological platforms on which they are exchanged.


The instability in crypto markets, US Treasury Secretary Janet Yellen told a Senate banking subcommittee this week, demonstrated the need for a "appropriate" regulatory structure.


In March, President Joe Biden signed an executive order mandating the government to evaluate the risks and advantages of developing a central bank digital currency, as well as other cryptocurrency problems.


Gary Gensler, the chairman of the Securities and Exchange Commission, has stated that the agency should address stablecoin risks because asset-linked cryptocurrencies raise concerns about financial stability and monetary policy because they have features that are similar to and potentially compete with bank deposits and money market funds.


He also said that there are concerns about their potential for illegal usage.


Peirce, the SEC's lone Republican commissioner, said on Thursday that possible regulation should allow for a "trial-and-error" regulatory framework, adding that "some people have indicated it should be at the SEC; others want it to be the banking regulators."


There are many possible approaches to addressing stablecoins.


We also need to provide space for failure when it comes to experimenting."

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