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September 9th - To further improve the management mechanism for narcotic and psychotropic drugs in medical institutions, ensure reasonable clinical needs, and prevent them from flowing into illegal channels, the National Health Commission, together with the State Administration of Traditional Chinese Medicine, the National Center for Disease Control and Prevention, and the Logistics Support Department of the Central Military Commission, has revised the "Regulations on the Management of Narcotic Drugs and Class I Psychotropic Drugs in Medical Institutions" issued in 2005, and formulated the "Regulations on the Management of Narcotic Drugs and Psychotropic Drugs in Medical Institutions," which will be implemented on October 1, 2026.On September 9th, BlackRock strategists stated in a research report that the impact of Japans interest rate reset has transcended its borders as capital competition intensifies. The strategists believe a feedback loop exists in the bond market: "Rising US interest rates could weaken the yen and pressure the Bank of Japan to act more quickly; conversely, rising Japanese interest rates could attract more capital repatriation, reducing demand for US Treasuries and thus pushing up US borrowing costs." They pointed out that decades of ultra-low domestic yields in Japan have made the country a major capital exporter, currently holding approximately $1.1 trillion in US Treasuries. If Japanese investors were to repatriate 5% of their funds, it would amount to $55 billion, roughly a quarter of the total increase in US Treasuries held by foreign investors last year.September 9th - South Korea has reportedly dispatched a team to assess the situation in the Strait of Hormuz, indicating that the country is further considering the possibility of deploying troops to the region amid increasing US pressure for its assistance in military action against Iran. South Koreas Ministry of National Defense stated in a statement Tuesday evening, "The purpose of dispatching this team is to assess the local political and security situation." The Ministry also emphasized, "This assessment itself does not mean that South Korea has presupposed any military deployment." The South Korean presidential office stated that whether or not to conduct military deployment is still under discussion and no decision has been made. According to Yonhap News Agency, the assessment team departed for the UAE over the weekend and will report its findings to the National Security Council upon its return. The Ministry of National Defense declined to disclose the teams current location, citing operational security concerns.On September 9th, the Ministry of Housing and Urban-Rural Development publicly solicited opinions on the "Guiding Opinions on Promoting the Development of Prefabricated Decoration (Draft for Solicitation of Opinions)". The opinions propose adhering to the principles of government guidance, market dominance, innovation-driven development, standard leadership, and adaptation to local conditions and demonstration promotion, to promote the application of prefabricated decoration. By 2030, the application rate of prefabricated decoration will be significantly increased, forming a complete system of standards, technologies, industries, supervision, and talent for prefabricated decoration, better meeting the peoples needs for a high-quality life. The opinions also emphasize strengthening the application of prefabricated decoration in government-invested projects. Support will be given to local governments to fully adopt prefabricated decoration methods in affordable rental housing, talent apartments, dormitories, and other rental housing. The adoption of prefabricated decoration methods in public buildings such as schools, hospitals, office buildings, hotels, and nursing homes will also be encouraged.On September 9th, at Pasinis media open day on September 7th, Pasini CEO Xu Jincheng responded to rumors about whether Samsung Electronics was a new shareholder. He stated that the company did indeed add a trillion-dollar global consumer electronics semiconductor giant as a shareholder in August, but did not disclose the specific name, only stating that there are not many such companies internationally. Regarding cooperation opportunities with the mobile phone supply chain, Xu Jincheng revealed that Pasini has already begun collaborating with Foxconn on production line data collection, with the demand from mobile phone production lines being even greater. He pointed out that while the automation rate in mobile phone manufacturing is already relatively high, final inspection and packaging processes still rely heavily on manual labor. With the improvement of humanoid robots and intelligent technologies, over 90% of processes in mobile phone and consumer electronics production lines can be automated.

The USD/JPY Currency Pair Swings in a 60-Pip Range as Bulls Reclaim 124.00 on a Positive Note

Drake Hampton

Apr 08, 2022 10:07

Tips

  • The USD/JPY is up 1.26 percent this week.

  • The greenback strengthens as investors shrug off geopolitical concerns.

  • Forecast for the USD/JPY Exchange Rate: As bulls, we are leaning upward and are aiming for the YTD high of 125.10.

 

As the Asian Pacific session opens, USD/JPY pair extends its weekly gains on broad US dollar strength. The USD/JPY remains strong at 124.15, after trading in a tight 55-pip range over the last three days as the Eastern Europe conflict between Russia and Ukraine enters its sixth day.

 

Asian market futures continue to trade higher, despite the ongoing Russia-Ukraine confrontation. Contrary to the positive tone of Asian market futures, which point to a stronger open, US equities concluded the afternoon in a divided mood. Investors shrugged aside Russia-Ukraine tensions on Thursday, despite Russian Foreign Minister Sergei Lavrov's complaint that Ukraine's new draft accord submitted to Russia does not meet Russia's demands on Crimea and Donbas. Meanwhile, recent reports indicate that Russia is regrouping soldiers in preparation for another offensive aimed at reclaiming Ukraine's eastern territories, Donetsk and Luhansk.

 

The North American session on Thursday featured Fed speakers, lead by St. Louis Fed President James Bullard, who stated that the Fed is still behind the curve in its efforts to contain inflation. Bullard said that by the second half of the year, he would like to see the Federal Funds Rate (FFR) at 3.5 percent.

 

Later that day, Chicago Fed President Charles Evans indicated that "we (the Fed) will reach neutral by the end of this year or early next."

 

On the Japanese docket, the Current Account for February and Consumer Confidence for March would be the headline economic data releases. On the US front, Wholesale Inventories for February will be released on a monthly basis. 

USD/JPY Forecast: Technical Analysis

The USD/JPY continues bullish, but the average daily range (ADR) has been 55 pips during the last three days. Daily moving averages (DMAs) below the spot price further reinforce the uptrend, and it's worth noting that the 100-DMA at 109.48 is on the verge of crossing over the 200-DMA at 109.60.

 

With that considered, the first resistance level for the USD/JPY would be 124.00. If the latter is breached, the March 29 daily high of 124.30 will be revealed, followed by the year-to-date high of 125.10.


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