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On August 17, according to the Iranian news agency IRNA, a spokesperson for the Iranian Foreign Ministry, in response to the US governments announcement of unprecedented sanctions against Iran (including a land blockade), stated: "These measures will not have any impact on Irans position. Whether in this war or over the past 50 years, the US has trapped itself in a vicious cycle of war, discrimination, pressure, and sanctions. If you recall, during the Democratic administration, the concept of so-called paralyzing sanctions was proposed, followed by the maximum pressure campaign during the Trump administrations first term. These actions demonstrate the inhumane nature of the Americans; they cut off our peoples drug supply, used every means to pressure Iran, and ultimately resorted to illegal military aggression, and are still suffering the consequences. Rest assured, these tried and ineffective old methods will not produce new results. Undoubtedly, not only now, but long ago, we prepared necessary contingency plans based on our assessment of various scenarios in which the US might continue to act maliciously against Iran in various ways. Iran will certainly use all means to deal with the new situation."Iranian Foreign Ministry spokesman Bagaei: It is regrettable that the United States has repeatedly broken its promises, just as it did in the Oman issue, and this time it has also damaged Pakistans mediating role.Iranian Foreign Ministry spokesman Baghae: As neighboring countries, Iran and Pakistan continue their bilateral relations. Pakistan is striving to use its capabilities to mediate between Iran and the United States.Iranian Foreign Ministry spokesman Bagaei: Iran will expand its economic and commercial relations with Afghanistan.Iranian Foreign Ministry spokesman Bagaei: Iran will not forget the crimes committed by the aggressors on Minabu, Ramold and Qeshm Island.

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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