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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.

With BOJ intervention a possibility and US PMI in focus, USD/JPY is pushing toward 141.00

Daniel Rogers

Sep 23, 2022 14:22

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The US dollar/Japanese yen exchange rate stands between 142.27 and 142.58 during the Tokyo trading session. Having dropped to a low of less than 141.00, the asset has since reversed course. The major is likely to re-test the 141.00 support level due to the possibility of increased intervention by the Bank of Japan (BOJ) in currency markets to bolster the yen.

 

Due to the BOJ's intention to engage in the currency markets for the first time since 1998, the USD/JPY pair dropped significantly below 141.00. The BOJ has significant tools to maintain support for the yen as the world's second-largest foreign exchange reserve. Since the current price does not reflect the yen's true value, the Bank of Japan decided to step in to prevent further depreciation.

 

After the BOJ made its monetary policy pronouncement, it began intervening in the currency market. To no one's surprise, Bank of Japan Governor Haruhiko Kuroda stayed dovish on interest rates and said that the aggressive approach taken by the Federal Reserve (Fed) will have minimal impact on Japan's economy. He also said that the Japanese economy, which is still recuperating from the consequences of the Covid-19 outbreak, needs more policy easing.

 

Investors are waiting for volatility to diminish after the Fed's extraordinary hawkish attitude, keeping the US dollar index (DXY) stable around 111.30. On Thursday, after the DXY hit a fresh 20-year high of 111.81, sellers emerged and smashed the prevailing bullish pattern.

 

In the future, the S&P Global PMI data will be crucial. It is expected that the Manufacturing PMI would drop to 51.1 from 51.5 in the previous report. The Services PMI will go up to 45.0 from 43.7.