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February 26th - According to Reuters, citing industry sources, suppliers to U.S. aerospace and semiconductor companies are facing a growing shortage of rare earth elements, with two suppliers even turning down some customer orders as a result. The shortage is primarily concentrated in rare earth elements such as yttrium and scandium, niche members of the 17-element family that play a small but crucial role in defense technology, aerospace, and semiconductors. Aerospace supply chain expert Kevin Michaels stated that while the yttrium shortage has not yet affected jet engine production, manufacturers are still concerned. Dylan Patel, founder and CEO of semiconductor research firm SemiAnalysis, said that U.S. semiconductor manufacturers scandium inventories are nearing depletion, which could jeopardize the production of next-generation 5G chips.The Hang Seng Tech Index continued its downward trend in the afternoon, falling more than 2%, with Horizon Robotics (09660.HK) and Hua Hong Semiconductor (01347.HK) leading the decline among constituent stocks. The Hang Seng Index is currently down 0.75%.Hajime Takada, a board member of the Bank of Japan: In the past, some overseas central banks had to raise interest rates at a fairly rapid pace, but this was not the case for Japan.Bank of Japan policy board member Hajime Takada: The Bank of Japan must also pay attention to achieving its price target in a sustainable manner.Bank of Japan policy board member Hajime Takada: We welcome the governments efforts to boost economic growth through growth strategies and stimulus policies, and the Bank of Japan can provide policy support.

As the BoJ ponders a YCC expansion, EUR/JPY continues to decline, falling below 142.60

Alina Haynes

Apr 06, 2023 11:52

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After plunging below 142.60 during the Asian trading session, the EUR/JPY pair's three-day losing trend was extended. Renewed rumors of an expansion of the Bank of Japan's (BoJ) Yield Curve Control (YCC) are exerting immense pressure on the cross.

 

The Japanese economy is experiencing gradual wage growth, and inflation is expected to respond to recent increases in crude oil prices. Analysts at Wells Fargo believe the BoJ will take advantage of a tactical opportunity to further modify its policy settings in the fourth quarter of 2022, and are inclined toward a meeting in October. They added that this timeframe is optimal for a smooth policy adjustment, as monetary easing from the Federal Reserve (Fed) and other major central banks should alleviate yield pressure.

 

In particular, the Bank of Japan (BoJ) will raise the target yield for 10-year Japanese government bonds (JGBs) from 0% to 0.25% and increase the tolerance interval surrounding this target to +/- 75 basis points.

 

Accelerating PMIs in the Eurozone provide support for the European Central Bank's sustained rate hikes. (ECB). S&P Global reported a Composite PMI of 53.7 on Wednesday, which was higher than the previous release of 52.0 but below expectations of 54.1, the highest level in the past ten months.

 

According to Reuters, S&P Global issued the following statement: "Manufacturing production increased slightly, but the service sector had the greatest impact on March's accelerated growth."

 

Wednesday, ECB policymaker Boris Vuji stated regarding interest rate forecasts, "The majority of the rate-hiking cycle has passed." He added, "We may require additional rate increases to address core inflation."

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