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A Reuters poll shows 53% of economists expect the Bank of Japan to raise interest rates to 0.75% in December. Economists unanimously believe the Bank of Japan will raise rates to at least 0.75% before the end of the first quarter of next year. Wage increases in labor negotiations next year are expected to be 4.90%, lower than this years 5.25%.November 20th - Despite Trumps repeated mentions of providing $2,000 to low- and middle-income families and his claim that the funds would come from tariff revenue, his party colleagues are generally lukewarm about the plan, questioning its ability to secure congressional approval to deliver on its promise. Several Republican members of Congress have stated they prefer using tariff revenue to reduce the fiscal deficit rather than directly distributing cash. With US public debt nearing historic highs, lawmakers believe the priority should be strengthening fiscal discipline, not restarting the "money-giving" model. Furthermore, some lawmakers are considering using tariff revenue to extend subsidies under the Affordable Care Act. This subsidy expires on December 31st, and failure to renew it would lead to a surge in insurance premiums for millions of Americans.Market news: The White House has asked Congress to reject a bill restricting Nvidias exports.Jinlu Electronics: The companys PCB products are used in battery management systems, but it does not produce lithium batteries.On November 20th, Chief Cabinet Secretary Minoru Kihara stated at a press conference that the recent one-way, sharp fluctuations in the yens exchange rate are worrying and require close monitoring. He pointed out, "We must be vigilant against excessive volatility and disorderly trends in the exchange rate." This statement came as the yen fell below 157 against the dollar, reaching its weakest level since January of this year. The weakening market expectations for a near-term interest rate cut by the Federal Reserve are a significant factor driving the dollars strength and putting pressure on the yen. Kihara emphasized that stable exchange rates based on economic fundamentals are crucial, and he opposed sharp fluctuations driven by speculation or market sentiment.

Before BoJ Ueda's Speech, GBP / JPY Struggles To Extend Above 163.00

Alina Haynes

Feb 27, 2023 14:30

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It is difficult for the GBP / JPY pair to prolong its gains above 163.00 during the Asian session. Given that Bank of Japan (BoJ) Governor Nominee Kazuo Ueda is following in the footsteps of former BoJ Governor Haruhiko Kuroda, it is expected that the cross will resume its upward trend as investors cease supporting the Japanese Yen.

 

In his speech on Friday, BoJ Ueda stated that the current monetary policy is appropriate to maintain inflationary pressures. Despite reaching a multi-decade high, Japan's Consumer Price Index (CPI) is non-sticky due to the international forces propelling inflation. The accelerating price index in Japan is due to higher petroleum and food import prices, not domestic demand and wages, which should be the primary generators of inflation. The objective of the Japanese government was to develop a strategy for exiting the decade-long monetary policy with a new BoJ chairman. BoJ Ueda's dovish remarks, however, reduced long-term yen support wagers.

 

The term "ecosystem" refers to a group of people who work in the construction industry.

 

In the meantime, the British pound has moved sideways ahead of the anticipated announcement of a Brexit agreement by Prime Minister Rishi Sunak and President Ursula von der Leyen of the European Commission. "The Prime Minister wants to ensure that any deal fixes the practical problems on the ground, ensures trade flows freely throughout the entire UK, protects Northern Ireland's place in our Union, and returns sovereignty to the people of Northern Ireland," Sunak's office said in a statement cited by Reuters.


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