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A survey released by the Japanese government on Monday, August 31, revealed that a severe labor shortage remains the primary reason Japanese companies are hiring foreign workers. This highlights the Japanese economys reliance on overseas labor, even as Prime Minister Sanae Takaichi seeks to tighten regulations targeting non-Japanese residents. A multi-option survey conducted by the Ministry of Health, Labour and Welfare showed that 68.2% of companies cited alleviating labor shortages as the reason for hiring foreigners. This reason has remained the top choice every year since the survey began in 2023. Approximately 56% of companies stated that they recruit based on the abilities and qualifications of foreign workers; 18% indicated they hoped to promote workplace internationalization. With Japans declining population and aging workforce, companies are increasing their recruitment of foreign workers to fill labor gaps, leading to a significant increase in the number of foreign workers. A report released this month by Teikoku Databank showed that more than half of companies reported a shortage of full-time employees. The survey also revealed that nearly 30% of companies reported an insufficient number of non-regular employees.Japans construction orders fell 13.4% year-on-year in July, compared with 2.3% in the previous month.Japans housing starts rose 8.19% year-on-year in July, below the expected 7.8% and the previous months 18.60%.August 31 - According to data released by Nepals National Disaster Risk Reduction Authority, as of 9:00 a.m. local time on August 31, the death toll from the landslide disaster in Nepal has risen to 903, with 4,247 people still missing.On August 31st, to further deepen the reform of medical insurance payment methods, promote the dynamic adjustment of the disease-based payment grouping scheme, and continuously optimize supporting mechanisms such as special case negotiation, the National Healthcare Security Administration organized two special symposiums on the disease-based payment special case negotiation mechanism on the afternoon of August 25th. In conjunction with the upcoming release of the disease-based payment 3.0 grouping scheme, the symposiums sought opinions and suggestions from local healthcare security departments and medical institutions on improving the special case negotiation mechanism. Participants offered suggestions on strengthening management, optimizing processes, and improving efficiency, and generally agreed that the special case negotiation mechanism has played a positive role in alleviating medical institutions concerns about admitting difficult and critically ill patients and supporting the application of new clinical drugs, consumables, and technologies.

USD/CHF Consolidates Around 0.9040 As Attention Shifts To US Inflation

Daniel Rogers

Apr 10, 2023 14:27

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The USD/CHF pair continues to trade lacklusterly above the crucial support level of 0.9036 in the early Tokyo session. Investors are shifting their focus to Wednesday's release of United States Consumer Price Index (CPI) data, making it difficult for the Swiss Franc to gain traction.

 

As tensions between China and Taiwan escalate, S&P500 futures have pared some of their gains. The market's anxiety has been alleviated by the increasing intensity of Chinese military exercises around Taiwan Island. In addition, concerns of a recession are likely to cause volatility in US equities.

 

Jamie Dimon, CEO of JPMorgan Chase, stated in an interview with CNN that the recent banking turmoil caused by the dissolution of Silicon Valley Bank (SVB) and Signature Bank has increased the likelihood of a recession in the United States.  Despite the robustness and security of the banking system, the recent turmoil in the financial system is "another weight on the scale" toward recession, he added.

 

The US Dollar Index (DXY) is protecting the 102.00 support level ahead of US Consumer Price Index (CPI) data. According to the consensus, headline inflation will fall from 6.0% to 5.2%. In addition, the headline monthly CPI would decelerate to 0.3% from 0.4% previously reported. As a consequence of oil prices remaining low in March, inflationary pressures are anticipated to become evident.

 

In contrast, the core CPI, which excludes crude and food prices, is anticipated to increase to 5.6% from 5.5%. The tenacity of inflationary pressures is maintained by the resiliency of demand for essential products, as a result of a higher labor cost index. A similar event could compel the Federal Reserve (Fed) to raise rates again at its May monetary policy meeting.

 

Regarding the Swiss Franc, Swiss markets are suspended on Easter Monday. This week, the Producer Price Index (PPI) data will have an impact on the Swiss Franc.

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