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On September 21, it was reported that on September 20, Yin Li, Secretary of the Beijing Municipal Committee of the CPC, conducted research on the development of the synthetic biology manufacturing industry in Changping District. He emphasized that synthetic biology manufacturing, as a key future industry in the national strategy, is an important track for cultivating and developing new productive forces. He stressed the need to keep pace with the changing trends of global science and technology, align with national strategic needs, accelerate the construction of a high-precision economic structure, vigorously promote technological innovation and industrial application in synthetic biology manufacturing, and build a leading innovation hub for the synthetic biology manufacturing industry. Yin Yong, Deputy Secretary of the Municipal Committee of the CPC and Mayor of Beijing, accompanied him on the research visit.On September 21st, online real estate data showed that on September 19th, Shanghais secondhand housing (including commercial) transactions reached 1,495 units, a new high for single-day transactions since the second half of 2026. As of September 19th, the cumulative transaction volume of secondhand homes in Shanghai in September reached 15,597 units, a year-on-year increase of 28%. The fourth phase of Kaiyun·Aishangli, located in Beicai, Pudong, officially launched its subscription on September 18th. According to the latest statistics from the project, as of 7 PM on September 20th, the subscription rate reached 206%, triggering the points requirement. Prior to this, in June of this year, the projects 2-1 plot (phase three) entered the market, with 84 units achieving a subscription rate exceeding 220%, becoming the first high-performing project in Pudongs inner and middle ring roads this year. According to incomplete statistics, since September, projects including Yuexiu Tianyu in Senlan, Pudong; Xiangyu Jinmao·Manjia in Jiading New City; Poly Hongqiao Hesong·Jingyuan in Chonggu, Qingpu; and Greentown Yuehaitang in Xujing, Qingpu have all triggered points requirements.At the opening of the morning session, domestic futures contracts showed mixed performance. SC crude oil fell nearly 4%, rapeseed meal fell over 2%, lithium carbonate fell nearly 2%, and fuel oil, coking coal, container shipping to Europe, liquefied petroleum gas (LPG), and coke fell over 1%. On the upside, pulp rose nearly 3%, methanol rose over 2%, asphalt rose nearly 2%, and ethylene glycol (EG), alumina, propylene, synthetic rubber, and manganese silicon rose over 1%.September 21st - Due to the impact of Typhoon Dujuan (the 25th typhoon of the year), Japan Airlines and All Nippon Airways (ANA) have confirmed the cancellation of 188 flights on the 21st. Japan Airlines stated that 120 domestic flights to and from Tokyos Haneda and Narita airports were cancelled after the afternoon, affecting approximately 15,000 passengers; 15 international flights were also cancelled at Narita Airport, affecting approximately 2,500 passengers. ANA, primarily operating flights to and from Haneda Airport, cancelled 53 flights today, affecting approximately 9,700 passengers. In addition, Jetstar Japan cancelled 42 domestic and international flights to and from Narita Airport on the 21st, affecting approximately 6,200 passengers, and cancelled 3 international flights arriving at Narita Airport on the 22nd.Both WTI and Brent crude oil opened more than 1% higher on Monday but continued to decline. A chart provides a quick overview of the pre-market conversion prices of crude oil between domestic and international markets.

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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