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On January 15th, the Ministry of Finance issued a notice revising the "Management Measures for Key Ecological Protection, Restoration and Governance Funds," clarifying the financial support policies for integrated protection and restoration projects of mountains, rivers, forests, fields, lakes, grasslands, and deserts, as well as ecological restoration projects of historically abandoned mines during the 15th Five-Year Plan period. The revision aims to standardize the use and management of funds and promote ecosystem protection and restoration. Eligible key ecological protection, restoration and governance projects will have a three-year implementation period. Regarding central government subsidies, support for integrated protection and restoration projects of mountains, rivers, forests, fields, lakes, grasslands, and deserts (also known as the "Mountain and Water Project") has been increased, raising the central government subsidy ratio. Projects within a province will receive a maximum subsidy of 75%, not exceeding 2 billion yuan. For the first time, cross-provincial joint applications for projects are explicitly supported, with cross-provincial projects receiving a maximum subsidy of 80%, not exceeding 2.5 billion yuan.On January 15th, Capital Economics analyst Marcel Tiliant pointed out that the upcoming Japanese general election is unlikely to lead to a significant easing of fiscal policy. Prime Minister Sanae Takaichis cabinet has the highest approval rating since the early days of Shinzo Abes administration, and the ruling coalition is expected to almost certainly extend its majority. However, he questions whether this will necessarily lead to a more accommodative fiscal policy. He stated that the massive supplementary budget passed last year to reduce gasoline surcharges and electricity prices has weakened the case for further fiscal expansion. Furthermore, Japan already plans to increase spending in its regular budget for fiscal year 2026. Any additional fiscal easing would require another supplementary budget, which Japan typically only uses in response to severe natural disasters or major economic turmoil.On January 15th, according to Qichacha APP, Qiji Automotive Technology (Suqian) Co., Ltd. was recently established, with Xiao Ning as its legal representative. Its business scope includes: automotive parts R&D; new material technology R&D; artificial intelligence public data platform; artificial intelligence hardware sales; and intelligent robot R&D. Qichachas equity penetration analysis shows that the company is wholly owned by Qiji Automotive Technology (Guangzhou) Co., Ltd., which is jointly owned by Juexing Gongjin (Guangzhou) Automotive Technology Partnership (Limited Partnership), GAC Group, and others.South Koreas Minister of Trade, Industry and Energy stated that the country will continue to monitor developments in US chip tariffs in order to minimize the impact on the domestic market.According to foreign media reports on January 15th, data released by the Petroleum Institute of Japan (PAJ) shows that as of the week ending January 10th, Japans commercial crude oil inventories were 9.9858 million kiloliters, a decrease of 367,647 kiloliters from the previous weeks 10.3534 million kiloliters. Japans commercial gasoline inventories were 1.6824 million kiloliters, a decrease of 13,325 kiloliters from the previous weeks 1.6958 million kiloliters. Japans commercial kerosene inventories were 2.0711 million kiloliters, a decrease of 156,230 kiloliters from the previous weeks 2.2274 million kiloliters. Japans commercial diesel inventories were 1.6332 million kiloliters, a decrease of 11,847 kiloliters from the previous weeks 1.645 million kiloliters.

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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