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The yield on Japans two-year government bonds rose 0.5 basis points to 1.73%, the highest level since April 1995.Tensions in the Middle East escalated again over the weekend, causing a surge in crude oil prices this morning, which is expected to support a higher market opening this week. If the situation in the Middle East continues with both peace talks and conflict, the market is likely to continue consolidating at high levels this week.SoftBank Group shares fell about 4.8%, and Tokyo Electron shares fell more than 4%.On August 31st, Japans industrial production rose 0.1% month-on-month in July, better than the expected 0.7% decline; retail sales rose 2.4% month-on-month and 4% year-on-year, both significantly exceeding expectations. Manufacturers expect industrial production to grow by 6.4% in August, followed by a 4.2% decline in September. The much stronger-than-expected industrial production data mitigated some short-term downside risks priced into the markets assessment of Japans economic growth prospects. The sharp rebound in retail sales, both month-on-month and year-on-year, indicates that consumer spending performed better than suggested by the decline in June. This is significant for the Bank of Japans ongoing discussion on whether domestic demand can continue to drive inflation. The manufacturers survey indicates that industrial production is expected to grow strongly by 6.4% in August, but will decline significantly in September, suggesting that the current strong performance may be partly due to advance production or a rebound after a previous decline, rather than a genuine acceleration of the industrial cycle. According to the US financial website InvestingLive, combined with US Treasury Secretary Bessants recent remarks that the pace of interest rate hikes is effectively left to Bank of Japan Governor Kazuo Ueda, the resilience of economic growth and consumption further weakens the reasons for the Bank of Japan to postpone further tightening of its policy.The Nikkei 225 index opened down 731.46 points, or 1.10%, at 65,674.10 on Monday, August 31.

Cryptoverse: Bitcoin is back with a bonk

Cory Russell

Jan 18, 2023 15:48

微信截图_20230118101714.png


Bitcoin is on the charge in 2023, dragging the crypto market off the floor and electrifying bonk, a new meme coin.


The No.1 cryptocurrency has clocked a 26% gain in January, leaping 22% in the past week alone, breaking back above the $20,000 level and putting in on course for its best month since October 2021 – just before the Big Crypto Crash.


Ether has also risen, by 29% this year, helping drive the value of the overall global cryptocurrency market above $1 trillion, according to CoinGecko.


“After a rough year last year for cryptos, we are seeing a form of mean reversion,” said Jake Gordon, analyst at Bespoke Investment Group, referring to the theory of asset prices returning to long-term averages.


Researchers said investor bets on a rosier macroeconomic picture were driving a jump in riskier assets across the board.


Few crypto tokens have benefited more than bonk, which was launched at the end of December on the Solana blockchain and had rocketed 5,000% by early January. It has since fallen back, though remains up 910% since the start of the year.


It is the latest entrant to the hyper-volatile world of meme coins, cryptocurrencies inspired by online memes and jokes, and is modeled after the same grinning Shiba Inu dog as dogecoin – which itself was catapulted to fame by Elon Musk tweets.


Bonk’s a puppy, though.


Even at its peak it was worth just $0.000004873759 with a market capitalization of about $205 million.

Other meme tokens are also up, with dogecoin and Shiba Inu up 19% and 27% respectively in 2023.

But buyers beware.


“Investors need to be especially cautious when it comes to coins like doge, Shiba Inu and bonk,” said Les Borsai, co-founder of digital assets services firm Wave Financial.

“They fall just as hard as they surge.”


Nonetheless, some market players pointed to the relative cheapness of these tokens – doge is worth about eight cents – as a reason why speculators were willing to place bets on them.


“Meme coins belong to crypto, it’s part of the culture,” said Martin Leinweber, digital assets product specialist at MarketVector Indexes. “It just takes a few lines of codes to create a meme token and if you have a community for it, people love that.”

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