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Japans final industrial production annual rate for December was 2.6%, compared to 2.60% in the previous month.Japans final industrial production figure for December was -0.1% month-on-month, compared with a previous reading of -0.10%.New York gold futures fell below $5,000 per ounce, down 0.95% on the day.On February 16th, Han Wenxiu, Deputy Director of the Central Financial and Economic Affairs Commission and Director of the Central Rural Work Leading Group, published an article in Qiushi entitled "Adhering to the Principle of Seeking Progress While Maintaining Stability, Improving Quality and Efficiency, and Striving for a Good Start to the 15th Five-Year Plan." The article emphasized the need to properly address risks in key areas and firmly safeguard the bottom line of safety. It called for efforts from both the supply and demand sides of the real estate market, implementing city-specific policies to control new supply, reduce inventory, and optimize supply, striving to stabilize the real estate market and orderly promote the construction of safe, comfortable, green, and smart "good houses," using the construction of a new real estate development model as a driving force to promote high-quality development of the real estate sector. The article also stressed the need to actively and orderly resolve local government debt risks, urging local governments to proactively resolve debt, strictly preventing false debt resolution, and prohibiting the illegal creation of new hidden debt. It called for optimizing debt restructuring and replacement methods, and using multiple measures to resolve the operational debt risks of local government financing platforms. Finally, it emphasized the need to steadily promote the resolution, reduction, and quality improvement of risks in local small and medium-sized financial institutions, enriching risk disposal resources and means, strengthening early intervention and disposal, and firmly safeguarding the bottom line of preventing systemic risks.On February 16th, Han Wenxiu, Deputy Director of the Central Financial and Economic Affairs Commission and Director of the Central Rural Work Leading Group, published an article in Qiushi entitled "Adhering to Steady Progress and Improving Quality and Efficiency to Achieve a Good Start to the 15th Five-Year Plan." The article stated that it is necessary to unswervingly deepen reform and expand opening-up to stimulate the driving force and vitality of high-quality development. It is essential to continue to advance the construction of a unified national market, thoroughly rectify "involutionary" competition, and form a market order of high quality and fair pricing, and healthy competition. Continued efforts should be made in areas such as state-owned enterprise reform, improving the local tax system, market-oriented reform of factors of production, and comprehensive reform of capital market investment and financing to increase momentum and vitality through reform. It is also crucial to adhere to opening-up to the outside world and promote win-win cooperation in multiple fields. Steady progress should be made in institutional opening-up, and the independent opening-up of the service sector should be expanded in an orderly manner. Focus should be placed on improving the quality and efficiency of foreign trade, promoting the integration of trade and investment, and the integration of domestic and foreign trade, and promoting balanced development of imports and exports. The business environment should be continuously optimized, and the reform of the system and mechanism for promoting foreign investment should be deepened. The high-quality joint construction of the "Belt and Road" initiative should be promoted to go deeper and more practically, and the overseas comprehensive service system should be improved.

Prior to the release of Australian employment data, the AUD/JPY pair attempts to regain 89.00

Alina Haynes

Apr 12, 2023 13:44

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The AUD/JPY pair attempts to reclaim the critical resistance level of 89.00 during the Asian session. Kazuo Ueda, the governor of the Bank of Japan (BoJ), has advocated for an extension of the already decade-long ultra-loose monetary policy in order to consistently achieve an inflation rate above 2%.

 

The decelerating Producer Price Index (PPI) contradicts the optimistic outlook of the Japanese government regarding wage growth. As expected by market participants, the March PPI did not change. The annual PPI came in at 7.2%, which was higher than the consensus estimate of 7.1% but lower than the previous release of 8.1%. The inability of companies to sustain accelerating production rates at factory gates is indicative of weak household demand.

 

Analysts at Commerzbank anticipate that the Japanese Yen will only appreciate over the long term if the current monetary policy is abandoned quickly.

 

Regarding the Bank of Japan's (BoJ) Yield Curve Control (YCC), the IMF has stated that allowing more flexibility in YCC could have repercussions for global markets, but it could also prevent future policy shifts that could result in significant spillovers.

 

Investors are awaiting the March Employment Report for fresh impetus in the Australian Dollar. The market expects the Australian economy to add 20,000 employment, which is less than the previous estimate of 64.6K. While the Unemployment Rate is expected to rise to 3.6% from 3.5% in February, it is anticipated that the Unemployment Rate will increase to 3.6%.

 

Governor Philip Lowe of the Reserve Bank of Australia (RBA) has left the door open for additional rate hikes if Australian inflation persists, so the publication of stronger-than-expected employment gains could reignite fears of additional rate hikes.

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