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On August 30th, Finnish President Alexander Stubb stated on Saturday that he does not believe Russia will attack NATO, "the worlds most powerful military alliance." However, in an interview with the German newspaper Bild, he said NATO should "prepare for the worst to prevent it from happening." Stubb pointed out that Russia has lost more soldiers than it recruited and judged that Russia may mobilize more troops in the fall, although this move would have "domestic political implications." He said Moscow is in an "increasingly complex situation," but emphasized that Russia will not end the conflict due to an economic downturn. He stated, "Never underestimate how much economic hardship the Russians can withstand."On August 30th, Yonhap News Agency reported that US President Trumps financial disclosures revealed he traded shares of e-commerce giant Coupang Inc. twice in June through a fund manager. Meanwhile, tensions between the US and South Korea continue to escalate over South Koreas regulatory handling of the massive data breach at the US-listed e-commerce giant. In July, the US House Judiciary Committee released a temporary staff report accusing the South Korean government of carrying out a "discriminatory attack" against Coupang and all other US companies, stating that Coupang has been a "consistently targeted entity."On August 30, Iraqi Prime Ministers Security Advisor Qassem Araji stated in a recent interview with Al Jazeera that Iraq maintains "good relations" with both Iran and the United States and seeks to act as a "bridge" for communication among all parties to reach an agreement that safeguards the interests of the entire region. He added that Iran has emphasized the necessity of eliminating extremist groups within Iraq.On August 30th, SK Hynix CEO Guo Luzheng stated that the company remains open to further investment in the US semiconductor industry, while predicting that the global memory chip shortage will continue until the end of 2030. "We are always open to more investment, but no decisions have been made yet," Guo Luzheng said. He stated that SK Hynix is searching globally for potential sites that can meet its R&D and testing needs, noting that electricity, water resources, and government incentives are key considerations. Guo Luzheng said, "We are open to any location that can provide sufficient infrastructure and resources." He also expressed hope that the company will bring "more good news" to the US artificial intelligence industry in the future.Iraqi Prime Ministers Security Advisor Qassem Araj: Iraq seeks to become a "bridge" between Iran and the United States.

USD/JPY Surpasses 131.80 As Concern Grows Prior To BoJ Governor Selections

Alina Haynes

Feb 09, 2023 15:08

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During the Tokyo trading session, the USD/JPY pair jumped past the key resistance level of 131.80. The asset has demonstrated significant increases as investors become anxious in advance of the announcement of the list of candidates to replace Bank of Japan (BoJ) Governor Haruhiko Kuroda. The BoJ's Kuroda has maintained an ultra-loose monetary policy for an extended length of time, and the Japanese government wishes to arrange an exit from the expansionary policy with his successor.

 

The statement by Vice President Joe Biden that the United States will not experience a recession in 2023 and 2024 has bolstered risky assets. S&P500 futures are showing moderate gains in the Asian session following a decline on Wednesday, indicating a modest revival in investor risk appetite.

 

The US Dollar Index (DXY) is failing to hold above 103.00 despite Federal Reserve (Fed) chair Jerome Powell and his team's commitment to raising interest rates higher and maintaining them at elevated levels for a longer period of time.

 

As reported by CNBC, Fed Governor Christopher Waller stated that the central bank will maintain its present plan of action, which has resulted in eight interest rate increases since March 2022. Regarding the labor market, the Fed official finds it to be relatively solid and anticipates that it will promote future consumer spending.

 

On the Japanese Yen front, investors are focusing mostly on the list of candidates for the position of next BoJ Governor. Wednesday, Japanese Prime Minister Fumio Kishida stated, "In the process of selecting the next Bank of Japan (BoJ) Governor nominee, they are aware of the market's keen emphasis on the decision."

 

In the meantime, OCBC has issued the following statement: "This week, the focus will be on the list of BoJ nominees that is anticipated to be presented to parliament on 10 February, but rumors predict a delay until next week. The appointment of Amamiya would be most beneficial for the USD/uptrend, JPY's but Yamaguchi's appointment might weaken the Japanese Yen.


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