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On June 10th, the wheat market saw relatively stable prices, with some companies raising their purchase prices. With a large influx of new wheat onto the market, supply continues to increase, narrowing the price gap between new and old wheat. Flour processing companies in producing areas are purchasing new and old wheat at the same price. However, end-user demand remains weak, and flour mills are operating at low rates, primarily purchasing to replenish their inventories for immediate needs. On the policy front, grain depots are gradually resuming purchases, and prices, after falling, have stabilized and rebounded slightly. Increased reserve purchases have effectively alleviated downward price pressure from the concentrated arrival of new wheat. In the short term, new wheat prices remain stable due to the support of reserve purchases, but lack upward momentum in the near term.Japans Topix index fell by more than 1%.Futures News, June 10th - Data released by the Petroleum Institute of Japan (PAJ) on Wednesday showed that for the week ending June 6th, Japans commercial crude oil inventories were 9,536,700 kiloliters, a decrease of 480,004 kiloliters from the previous weeks 10,016,700 kiloliters. Refinery operational capacity (BPSD) utilization was 80.20%, compared to 79.10% the previous week. Refinery design capacity (BPCD) utilization was 65.90%, compared to 63.10% the previous week. Due to changes in Japans petroleum product supply structure, the PAJ has suspended the release of weekly inventory details for gasoline, jet fuel, kerosene, and diesel.On June 10, the State Taxation Administration released relevant information showing that tax authorities have continuously strengthened publicity, guidance, and policy support for residents overseas income, resulting in a significant increase in taxpayers compliance with regulations. From January to May, approximately 13 billion yuan in back taxes were collected.The bid-to-cover ratio for Japans 30-year government bond auction was 2.94, down from 3.49 the previous time, marking the lowest level since June 2025.

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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