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On December 30th, the Ministry of Education held a press conference to introduce the progress and achievements of digital education during the 14th Five-Year Plan period. It was learned that the National Smart Education Platforms resource and service system has been continuously improved, with the recent addition of preschool education and postgraduate education modules, achieving full coverage of the platforms service recipients. Simultaneously, the National Big Data Center, serving as the national-level education "data foundation," and the National Platforms intelligent middleware platform, acting as the "smart brain," were officially launched today, enabling the sharing and integration of educational data and the intelligent upgrade of the national platform, propelling the basic digital education service capabilities into a new stage of intelligence.On December 30th, it was learned from the Ministry of Natural Resources that during the 14th Five-Year Plan period, my countrys surveying and mapping geographic information industry has accelerated its transformation and upgrading, with significant progress made in the construction of a real-scene 3D China and a nationwide network of satellite navigation and positioning reference stations. The Ministry of Natural Resources stated that during the 14th Five-Year Plan period, my countrys surveying and mapping geographic information industry has undergone continuous transformation and upgrading. Intelligent surveying and mapping technologies have made continuous innovation and breakthroughs, achieving independent support for natural resource satellite remote sensing imagery, and data is updated monthly and quarterly. Breakthrough progress has been made in the research and development of surveying and mapping equipment, with products such as UAV photogrammetry systems, BeiDou receivers, and high-precision total stations reaching international first-class levels. At the same time, a preliminary real-scene 3D China has been established, with 5-meter and 10-meter grids and other series of products covering the entire land territory, and 1:10,000 data covering 70% of the land territory.On December 30th, the Ministry of Natural Resources stated that during the 14th Five-Year Plan period, my countrys public geographic information services will be continuously enriched, and the integration of the geographic information industry with new business models will deepen. The total output value of the geographic information industry is expected to exceed 900 billion yuan. During the 14th Five-Year Plan period, my country will continuously strengthen the supply of geographic information services. The National Geographic Information Resource Catalog Service System will release 8.09 million resource catalogs, and the total number of standard maps released nationwide will reach 13,000, forming a three-tiered service architecture at the national, provincial (autonomous region, municipality), and municipal levels. At the same time, the geographic information industry will flourish. A standard system for autonomous driving maps will be gradually established, and autonomous driving map products covering ordinary roads in major and medium-sized cities across the country (Level L3 and below) will be widely used. By the end of the 14th Five-Year Plan period, the total output value of my countrys geographic information industry is expected to exceed 900 billion yuan, an increase of over 30% compared to the 13th Five-Year Plan period, with more than 4 million employees.December 30th - The "2025 China Manufacturing Power Development Index Report" shows that in 2024, my countrys manufacturing industry forged ahead despite pressure, moving towards innovation and excellence. The manufacturing power development index was in the same range as Germany and Japan, with all sub-indices showing positive growth. China entered the second tier of global manufacturing powerhouses, successfully achieving the "first step" strategic goal of building a manufacturing powerhouse, becoming the fourth country after the United States, Germany, and Japan to enter the ranks of global manufacturing powerhouses.December 30th - The Central Rural Work Conference was held in Beijing from December 29th to 30th. The conference emphasized the need to establish a normalized mechanism to prevent people from falling back into poverty, improve the normalized assistance policy system, continue to support the development of underdeveloped areas, and continuously consolidate and expand the achievements in poverty alleviation. It also stressed the importance of improving rural construction implementation mechanisms according to local conditions, optimizing the spatial layout of rural land, accelerating the improvement of shortcomings in modern rural living conditions, and creating high-quality living spaces in rural areas. Furthermore, it called for continuous improvement of the rural living environment, resolving issues such as rural toilet renovations and garbage accumulation in villages with a persistent and determined approach.

The USD/JPY is nearing 144.00 on rising rates and decreased risk appetite ahead of Powell's speech

Daniel Rogers

Sep 26, 2022 14:34

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The US dollar rose against the Japanese yen to a new intraday high of 143.60 as trading began in Tokyo on Monday, adding to the recovery gains seen on Friday. By doing so, the yen pair has reversed its decline from the 24-year high the day before, which had been brought about by Japan's action to protect the national currency.

 

The recent rise in the value of the yen may be attributable to Naoyuki Shinohara, Japan's former top currency ambassador. Shinohara told Reuters that Japan would focus on smoothing operations to reduce volatility rather than intervening in the currency market to protect a symbolic level, such as 145 yen per dollar.

 

From Thursday's highest levels since 1998, the USD/JPY quickly reversed course as Japan's senior currency ambassador Masato Kanda confirmed that they had intervened in the FX market. As he put it, the government "took significant action in the foreign exchange market."

 

Positive USD/JPY buyers are buoyed by rising US PMIs, rising Russia-Ukraine tensions, and hawkish central bankers other than the Bank of Japan (BOJ).

 

Recent US S&P Global PMIs for August, issued on Friday, showed an increase in the Manufacturing index to 51.8 from 51.5, and an increase in the Services index to 49.0 from 44.6. In a statement released on Friday, Federal Reserve Chair Jerome Powell said, "We are committed to employ our capabilities." Fed Vice Chair Lael Brainard then added that low-income people are feeling the effects of "hard" inflation. Despite the economy's continuing speed, Atlanta Federal Reserve President Raphael Bostic told CBS' "Face the Nation" over the weekend that he still believes the central bank can cut inflation without substantial job losses.

 

As President Zelenskiy of Ukraine was quoted as saying in a CBS interview, "Putin's nuclear threats may have been a bluff, but now it may be a reality," While Russia's foreign minister said annexing territory hosting widely criticized referendums would be met with complete protection from Moscow, the United States warned of "catastrophic ramifications" if Moscow utilized nuclear weapons in Ukraine.

 

As yields backed the US currency to remain strong despite aggressive Fedspeak and a rate hike, market fears caused Wall Street to close in the red. Although this occurs, S&P 500 Futures only fall by a few points as 10-year US Treasury yields climb by four basis points to 3.74 percent.

 

Going forward, USD/JPY buyers are expected to keep their upper hand while keeping a careful eye on any signs from Japan's engagement and words by Fed Chairman Jerome Powell, both of which are due out on Tuesday and Wednesday.

 

Although the recent higher lows and firmer RSI, which is not overbought, favor USD/JPY buyers, conviction requires a daily closing above the 13-day-old resistance line, now at 144.00 as of press time. Conversely, the downside is capped by the 21-day moving average around 142.25.

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