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The China Earthquake Networks Center officially determined that a magnitude 3.2 earthquake occurred at 12:25 on July 9 in Gao County, Yibin City, Sichuan Province (28.52 degrees north latitude, 104.69 degrees east longitude), with a focal depth of 5 kilometers.The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 3.0 occurred near Gao County, Yibin City, Sichuan Province (28.51 degrees north latitude, 104.68 degrees east longitude) at 12:25 on July 9. The final result is subject to the official rapid report.The yield on Japans two-year government bonds rose 1.5 basis points to 1.445%.According to the official measurement of the China Earthquake Networks Center, a 3.7-magnitude earthquake occurred in Shaya County, Aksu Prefecture, Xinjiang (41.00 degrees north latitude, 83.31 degrees east longitude) at 11:59 on July 9, with a focal depth of 22 kilometers.July 9th - The Japanese bond market is signaling declining confidence in the central banks ability to curb inflation, while government spending plans further exacerbate fiscal pressures. This week, yields on 10-year and 20-year Japanese government bonds surged to multi-decade highs as renewed concerns arose about Prime Minister Sanae Takaichis commitment to fiscal discipline and monetary policy normalization. On Wednesday, the spread between 10-year and 2-year JGB yields widened to 143 basis points, the highest level since 2004, reflecting heightened market concerns about long-term inflation and price risks, while expectations for short-term Bank of Japan rate hikes weakened. Kento Minami, senior economist at Daiwa Securities, stated, "The recent steepening of the yield curve is a warning sign from investors, indicating a gap between the risks the market is measuring and the governments fiscal and monetary policies."

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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