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On January 13, the Guangzhou Municipal Bureau of Industry and Information Technology publicly solicited opinions on the "Several Policies of Guangzhou Municipality on Promoting the High-Quality Development of the Integrated Circuit Industry Across the Entire Chain During the 15th Five-Year Plan Period." The policy proposes that integrated circuit companies whose products or production lines pass the International Automotive Electronics Association (IATE) automotive-grade product testing standards (AEC-Q series), automotive-grade power module reliability testing and certification standards (AQG series), automotive quality management system standards (IATF16949), or road vehicle functional safety standards (ISO26262) will receive subsidies of up to 30% of the actual certification cost, with a maximum annual subsidy of 2 million yuan per company.On January 13th, the Guangzhou Municipal Bureau of Industry and Information Technology publicly solicited opinions on "Several Policies of Guangzhou Municipality on Promoting the High-Quality Development of the Integrated Circuit Industry Across the Entire Chain During the 15th Five-Year Plan Period." The policy encourages enterprises in fields such as intelligent connected and new energy vehicles, communication equipment, artificial intelligence, the Internet of Things, and industrial control to strengthen collaboration with integrated circuit companies through regular supply and demand matchmaking meetings, opening up application scenarios, and prioritizing product application, thereby cultivating a reliable and stable high-level supply chain. It also emphasizes leveraging Guangzhous key industrial advantages, supporting vehicle manufacturers and display companies to increase the promotion and application of key designed and manufactured automotive-grade chips and display chips, driving the return of design companies to the manufacturing sector and the technological upgrading of manufacturing enterprises.On January 13th, the Guangzhou Municipal Bureau of Industry and Information Technology publicly solicited opinions on the "Several Policies of Guangzhou Municipality on Promoting the High-Quality Development of the Integrated Circuit Industry Across the Entire Chain During the 15th Five-Year Plan Period." The policy encourages and supports relevant entities to strengthen upstream and downstream collaboration within the industrial chain and actively undertake major integrated circuit projects undertaken by national ministries and commissions. Based on national matching requirements and the actual allocation of funds by the state, the city will provide corresponding matching funds, and encourages districts to provide corresponding matching funds and actively seek provincial-level matching funds.On January 13th, the Guangzhou Municipal Bureau of Industry and Information Technology publicly solicited opinions on the "Several Policies of Guangzhou Municipality on Promoting the High-Quality Development of the Integrated Circuit Industry Across the Entire Chain During the 15th Five-Year Plan Period." The policies encourage integrated circuit manufacturing enterprises to increase investment in technological upgrading. For investment projects that meet relevant conditions, a post-investment reward of up to 20% of the new equipment purchase amount will be provided. The scope of support for newly purchased equipment will be expanded from production equipment to energy-consuming equipment, power distribution equipment, and supporting software used by the enterprise itself. The reward amount for a single project will not exceed 30 million yuan. A post-investment reward of up to 2% of the actual investment in factory construction and installation projects within the scope of the technological upgrading registration for the above-mentioned projects will be provided, with a maximum reward of 5 million yuan per project.On January 13, the Guangzhou Municipal Bureau of Industry and Information Technology publicly solicited opinions on the "Several Policies of Guangzhou Municipality on Promoting the High-Quality Development of the Integrated Circuit Industry Across the Entire Chain During the 15th Five-Year Plan Period (Draft for Solicitation of Opinions)". The draft mentions accelerating breakthroughs in the design of high-end general-purpose chips such as processors, memory chips, and edge computing chips; actively supporting the development of specialized chips such as RISC-V (an open-source instruction set architecture based on the principle of reduced instruction set), automotive-grade, display drivers, sensors, optical communication, and 6G; strengthening support for the first-round tape-out of integrated circuit companies products; and providing subsidies of up to 50% of the tape-out cost to qualified companies that conduct tape-out of 28nm and below chips with independent intellectual property rights or significant competitive advantages.

USD/JPY falls to a two-month low at 131.50 owing to decreasing rates and recession concerns

Daniel Rogers

Aug 02, 2022 15:11

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During Tuesday's Asian session, USD/JPY bears hold dominance at the lowest levels in eight weeks as the pair flirts with the 131.50 barrier. Recent weakening in the pair may be linked to negative rates and recent good news on Japan, not to mention inconsistent Fed and China-related rhetoric.

 

US 10-year Treasury rates touched a four-month low of roughly 2.58 percent the day previous, as US economic data heightened concerns of a slump. As traders awaited the announcement of vital US employment numbers for July on Friday, the dollar dropped. In spite of this, the US Dollar Index (DXY) plummeted to a new monthly low before bouncing off 105.25 on Monday.

 

In July, the US ISM Manufacturing PMI fell to its lowest level since January 2020, as the activity index fell from 53.0 to 52.8. However, the actual figures outperformed the market projection of 52.0. Additionally, final readings of the US S&P Manufacturing PMI dipped below early predictions of 52.3 to 52.2, compared to 52.7 earlier. In addition, Germany's Retail Sales plummeted 8.8 percent year-over-year in June, compared to a market forecast of -8.0 percent and a prior decrease of -3.6 percent.

 

It should be remembered that the second straight quarterly contraction in US Gross Domestic Product (GDP) caused a "technical recession" and weighed on the US dollar throughout the preceding week. Fed Chair Jerome Powell's indirect warnings that the hawks are losing momentum were in the same tone.

 

On a separate page, Reuters claims three sources familiar with the issue as claiming that US House of Representatives Speaker Nancy Pelosi was slated to visit Taiwan on Tuesday, despite Chinese vows to never "sit idly by" if she made the trip to the self-governed island claimed by Beijing.

 

At home, speculations of an increase in Japanese salaries and challenges to the Bank of Japan's (BOJ) cheap money policies appeared to have sunk the USD/JPY exchange rate, probably due to widespread inflation anxieties. Recent estimates from Nikkei show that the average minimum wage in Japan will climb by a record 3,3 percent in the fiscal year ending in March 2023. The newspaper also noted, "A Japanese panel is aiming to enhance the average minimum wage by 31 yen."

 

Wall Street concluded with minor losses, but 10-year Treasury rates struck a four-month low of approximately 2.58 percent. In spite of this, as of press time, the S&P 500 Futures indicate moderate losses of around 4,120.

 

In the near future, the words of Chicago Fed President Charles L. Evans and Federal Reserve Bank of St. Louis President James Bullard will impact the course of the USD/JPY.


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