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March 4th - Bank of Japan Governor Kazuo Ueda stated on Wednesday that a significant increase in wage levels is needed for Japan to sustainably achieve its 2% inflation target. Speaking in parliament, Ueda said, "The Bank of Japan cannot exert a strong influence on real wage growth," which depends primarily on medium- to long-term labor productivity. He added, "However, we will implement monetary policy to ensure that Japan sustainably and stably achieves its inflation target while wages grow."March 4 – Lou Qinjian, spokesperson for the Fourth Session of the 14th National Peoples Congress, stated that safeguarding national sovereignty, security, and development interests is the starting point and ultimate goal of all foreign relations. The Taiwan question is Chinas internal affair and is the core of Chinas core interests. China firmly opposes the erroneous remarks made by Japanese leaders regarding Taiwan. The Chinese people will never allow any external forces to interfere in Chinas internal affairs and will resolutely safeguard national sovereignty, unity, and territorial integrity.Bank of Japan Governor Kazuo Ueda: If the economic and price trends are in line with our forecasts, we will continue to raise interest rates.Japans household consumer confidence index for February was 40, below the expected 38.2 and the previous reading of 37.9.March 4th - Since the outbreak of conflict in the Middle East this week, the yen has continued to weaken, deviating from its traditional safe-haven asset role, and Tokyo traders are preparing for possible government intervention. The yen has depreciated by about 1% since last Friday, to 157.2 yen to the dollar. Traders say this contrasts sharply with previous periods of geopolitical tension. Neil Newman, Japan strategist at Astris Advisory, said, "The yen is no longer a safe-haven asset. Companies stopped doing so about four years ago. They are now under pressure to the opposite, encouraged to invest overseas, and are still doing so on a large scale. In Japans current economic environment, there is no incentive to repatriate funds." Analysts say the yens unexpected weakness highlights structural changes and vulnerabilities in the Japanese economy. The market has been assessing the impact of Sanae Takashis expanded fiscal spending plan and her opposition to further interest rate hikes by the Bank of Japan. Tai Hui, chief market strategist for Asia Pacific at JPMorgan Asset Management, said increased exchange rate volatility has significantly reduced the yens appeal as a hedging currency. Geopolitical conflicts have also increased Japans exposure to rising energy prices and upside inflation risks.

Crypto Cloud Storage STORJ Leads Rally by 55% As ETH, BTC Consolidate

Jimmy Khan

Jun 24, 2022 14:48

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The top cryptocurrencies were anticipated to be driving the rise when the cryptocurrency market passed the $900 billion threshold today.


Storj managed to seize dominance, overtaking every other significant cryptocurrency with its ascent despite the fact that it turned out to be a relatively unknown coin.

Storj?

Indeed, Storj. The asset is, as it sounds, the native token of a cloud storage platform supported by cryptocurrencies, which until today was merely another coin.


However, the altcoin's one-day increase of 55.08 percent succeeded to place it on the map both literally and figuratively, as it joined the top 100 cryptocurrencies list.


Due to the price increase, the asset's market value increased by approximately $100 million during the course of the previous day. This increased the asset's overall growth over the preceding nine days to a total of 156.7 percent.


More than half of the losses that the cryptocurrency sustained during the May 65 percent fall were also nullified by this rebound in addition to the losses registered by the altcoin this month during the June 9 crash.


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The green candle, which closed above both the 100-day SMA and the 50-day Simple Moving Average (red line), insured that the gain was sustained (blue line). The 200-day SMA (purple line), which would effectively transform this into a bullish run, is also getting closer.


Additionally, after more than two months, the Awesome Oscillator switched the active trend's direction from bearish to bullish, with the green bars climbing above the neutral.


Now, it has to be seen if the asset will be able to sustain this growth moving forward or if it will just be another one-day wonder.

Ethereum and Bitcoin Take a Break

The king currencies have been moving slowly, essentially not at all, as the altcoins have taken the lead.

BTC has made little progress at all during the past week, hovering around the $20k to $21k level, whereas ETH recently broke the $1.1k threshold.


However, Bitcoin's recovery has been so sluggish that the king currency has not yet reached the upswing stage that every other altcoin is presently in.


Additionally, the Relative Strength Index (RSI), which has been signaling a trend reversal for more than two months, shows that BTC is still trapped in the negative zone.


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