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On June 26th, according to Japanese sources on the 24th, Japanese Prime Minister Sanae Takaichi accepted suggestions from the ruling Liberal Democratic Party (LDP) and the Japan Innovation Party regarding revisions to the "Three Security Documents." The Japanese government plans to formally revise the "Three Security Documents" through a cabinet meeting by the end of this year, and is expected to propose a policy of increasing defense spending, following the LDPs stance. While the LDP did not specify a concrete figure for Japans defense spending, it cited NATO member states aiming for 3.5% of GDP as a benchmark, requesting further research based on these examples. The Japan Innovation Party, on the other hand, demanded that the spending reach "more than 2%" of GDP by 2026. Furthermore, regarding the clause in the "Three Non-Nuclear Principles" against the introduction of nuclear weapons, the Japan Innovation Party stated that "a realistic discussion should be conducted," mentioning revisions and calling for the swift introduction of nuclear submarines.According to AXIOS: U.S. House Speaker Boris Johnson said he will submit the housing bill to the White House after meeting with Trump.The U.S. State Department has approved the sale of training services and related equipment for F/A-18F Super Hornet and EA-18G Growler aircraft to Australia for $250 million.British officials say King Charles will not be residing at Buckingham Palace after the renovations are completed next year.Sources say JPMorgan Chases (JPM.N) board expects Jamie Dimon to continue as CEO for several more years. After stepping down as CEO, Dimon will become executive chairman.

AUD/JPY Exceeds 90.30 As RBA Considers Option To Raise Rates Prior To Pause

Daniel Rogers

Apr 18, 2023 14:02

AUD:JPY.png 

 

Following the release of the minutes from the Reserve Bank of Australia (RBA), the AUD/JPY pair surged above the 90.30-point critical resistance level. According to the RBA minutes, policymakers actively considered the decision to raise rates further. However, the decision to maintain the status quo was made after the collection of additional data.

 

Citing the resilience of Australia's financial system, RBA policymakers believed that the Board's future cash rate decisions would depend on the global economy, household spending trends, inflation projections, and employment forecasts.

 

Continue to monitor China's Gross Domestic Product (GDP) statistics. Compared to its stagnant performance in the final quarter of CY2022, the Chinese economy is estimated to have grown by 2.2%. Compared to the previous annual growth rate of 2.9%, the current annual growth rate for the economy is 4.0%. Australia is China's greatest trading partner, and stronger Chinese GDP data would strengthen the Australian Dollar.

 

The announcement of the People's Bank of China (PBOC) interest rate decision later this week will be crucial. Last week, the People's Bank of China pledged to provide additional monetary support to spur retail demand. Despite the reopening of China's economy following a period of economic restraint, the country's inflation rate has been consistently declining over the past few months.

 

According to Jiji news and Reuters, the Bank of Japan is reportedly considering a projection for consumer price growth between 1.6% and 1.9% for the 2025 fiscal year, a move seen as preventing market participants from betting on the central bank's departure from stimulus. This has also delayed the possibility of a shift away from an expansionary monetary policy, which cannot be considered until the Japanese inflation rate persists above 2%.


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