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USD/JPY 158.851

GBP/USD 1.34573

GBP/JPY 213.775

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January 13th - Market analyst Jeremy Boulton stated that if US inflation data released on Tuesday pushes up the dollar, Japanese authorities may be forced to intervene to support the yen, as they believe the yen has fallen too much. Since last weeks US jobs report, market expectations for a Federal Reserve rate cut have weakened, now anticipated at only 25 basis points, and the potential terminal interest rate for this easing cycle has risen from 3.0% to 3.25%. If December inflation data exceeds economists forecasts of 2.7% year-on-year (with a range of 2.5% to 2.9%), this market expectation will be further strengthened. Ironically, there are currently almost no speculative positions in the market (net yen positions are approximately $200 million), and exchange rate volatility has decreased significantly over the past year. Japanese intervention at this time could create rather than suppress volatility. However, given Japans history of large-scale interventions in similar situations, any data that further strengthens the dollar could trigger a new round of intervention.On January 13th, Meta Platforms (META.O) announced over 1,000 layoffs at its Reality Labs division as part of the companys strategy to shift resources from virtual reality (VR) and metaverse products to artificial intelligence (AI) wearable devices and mobile phone features. According to an internal memo from Chief Technology Officer Andrew Bosworth, employees began receiving layoff notices Tuesday morning. Previous reports from foreign media indicated that the layoffs would affect approximately 10% of Reality Labs roughly 15,000 employees. A Meta spokesperson stated, "We mentioned last month that we would be shifting some investments from metaverse to wearables. This layoff is part of that strategy, and we plan to reinvest the saved resources to support the growth of our wearables business this year."Meta Platforms (META.O) has begun cutting more than 1,000 jobs in its Reality Labs division. Meta will begin notifying employees of the layoffs on Tuesday morning.Lufthansa will partner with Starlink.On January 13, it was reported that personnel from the Taipei Representative Office in South Korea made the absurd claim at a seminar hosted by a South Korean opposition party member that "the One China recognized by the South Korean government is not necessarily the Peoples Republic of China." This statement is pure ignorance, violates universally recognized norms of international relations, and challenges South Koreas commitment to the One China principle made in the Joint Communiqué on the Establishment of Diplomatic Relations between China and South Korea. Both China and South Korea find such seriously erroneous remarks intolerable and resolutely oppose them. China firmly opposes any country developing official relations with Taiwan or conducting politically significant activities in any form. South Korean members of the National Assembly, as members of the legislature and representatives of the people, possess official status and significant political influence. We explicitly oppose South Korean members of the National Assembly engaging with Taiwan or inviting personnel from Taiwanese institutions to participate in their activities. Any political force attempting to play the "China card" for political gain will not succeed. We believe that the people of both China and South Korea will not accept any attempt to interfere with or undermine China-South Korea relations under the guise of the Taiwan issue.