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On August 10th, the Japan Meteorological Agency reported that Shinmoe-dake, located on the border of Kagoshima and Miyazaki prefectures, erupted at approximately 5:23 a.m. local time on the 10th, sending a column of ash as high as 3,000 meters. The Japan Meteorological Agency has issued a Level 3 alert for Shinmoe-dake, prohibiting people from entering the mountain. Shinmoe-dake is an active volcano located in the central Kirishima Mountains in southern Kyushu, Japan. In June 2018, Shinmoe-dake experienced a large-scale explosive eruption.Governor of the Saratov region of Russia: Ukraines drone attack on Saratov, Russia, has killed at least one person.Governor of the Saratov region of Russia: Ukrainian drone attack on the Saratov region of Russia caused damage to industrial facilities.On the evening of August 10, leaders of six European countries, including the UK, France, and Germany, along with European Commission President Ursula von der Leyen, issued a joint statement calling for any diplomatic solution to the Ukrainian crisis to protect the vital security interests of both Europe and Ukraine. In the statement, British Prime Minister Starmer, French President Emmanuel Macron, German Chancellor Angela Merz, Italian Prime Minister Benjamin Meroni, Polish Prime Minister Donald Tusk, Finnish President Stubb, and von der Leyen welcomed US President Trumps efforts to resolve the Ukrainian crisis. The statement stated that peace and security in Ukraine can only be achieved through active diplomatic mediation, continued support for Ukraine, and pressure on Russia. The relevant European countries will continue to provide Ukraine with "substantial military and financial support" through a "coalition of the willing" and maintain and enforce restrictive measures against Russia. The statement emphasized that the path to peace in Ukraine cannot be determined without Ukraines participation. Meaningful negotiations are only possible under the premise of a ceasefire or a reduction in hostilities.Federal Reserve Board Governor Bowmans speech will be released in ten minutes.

USD/JPY Surpasses 131.80 As Concern Grows Prior To BoJ Governor Selections

Alina Haynes

Feb 09, 2023 15:08

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During the Tokyo trading session, the USD/JPY pair jumped past the key resistance level of 131.80. The asset has demonstrated significant increases as investors become anxious in advance of the announcement of the list of candidates to replace Bank of Japan (BoJ) Governor Haruhiko Kuroda. The BoJ's Kuroda has maintained an ultra-loose monetary policy for an extended length of time, and the Japanese government wishes to arrange an exit from the expansionary policy with his successor.

 

The statement by Vice President Joe Biden that the United States will not experience a recession in 2023 and 2024 has bolstered risky assets. S&P500 futures are showing moderate gains in the Asian session following a decline on Wednesday, indicating a modest revival in investor risk appetite.

 

The US Dollar Index (DXY) is failing to hold above 103.00 despite Federal Reserve (Fed) chair Jerome Powell and his team's commitment to raising interest rates higher and maintaining them at elevated levels for a longer period of time.

 

As reported by CNBC, Fed Governor Christopher Waller stated that the central bank will maintain its present plan of action, which has resulted in eight interest rate increases since March 2022. Regarding the labor market, the Fed official finds it to be relatively solid and anticipates that it will promote future consumer spending.

 

On the Japanese Yen front, investors are focusing mostly on the list of candidates for the position of next BoJ Governor. Wednesday, Japanese Prime Minister Fumio Kishida stated, "In the process of selecting the next Bank of Japan (BoJ) Governor nominee, they are aware of the market's keen emphasis on the decision."

 

In the meantime, OCBC has issued the following statement: "This week, the focus will be on the list of BoJ nominees that is anticipated to be presented to parliament on 10 February, but rumors predict a delay until next week. The appointment of Amamiya would be most beneficial for the USD/uptrend, JPY's but Yamaguchi's appointment might weaken the Japanese Yen.


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