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On June 30th, former Bank of Japan executive director Kenzo Yamamoto stated, "The Bank of Japan is currently in a position where it needs to act quickly." When asked whether the central bank would raise interest rates again in December, as most economists surveyed predicted, Yamamoto said, "Given the current level of monetary easing, the next rate hike is likely to occur before then." Yamamoto pointed out that the banks underlying inflation gauge (excluding special factors such as fresh food and government subsidies) has averaged around 3% over the past four years, well above the central banks 2% target. However, Japans key inflation gauge—the core consumer price index excluding only fresh food—remained at 1.4% in May, mainly due to measures introduced by Prime Minister Sanae Takaichi to alleviate cost-of-living pressures. The Bank of Japan recently stated that price trends remain slightly below 2%. "I would be concerned if the Bank of Japan claimed that its underlying inflation gauge failed to reflect price trends," Yamamoto said. "The Bank of Japan needs to shift its policy focus to curbing inflation."Samsung Electronics is currently up 2%, and SK Hynix is up 1%.June 30th - The British Retail Consortium (BRC) reported that UK food inflation has fallen to its lowest level in 15 months, the latest sign of easing cost pressures that could prevent the Bank of England from raising interest rates. Data released on Tuesday showed that UK food prices rose 2.4% in early June, down from a 2.7% increase the previous month, mainly due to lower inflation for fresh food. Overall retail price increases remained at 1.2%. BRC Chief Executive Helen Dickinson said, "Thanks to a bumper harvest and intense market competition, retailers have helped keep prices for summer treats like strawberries and ice cream low." Private sector surveys and official data showed that overall inflation in the UK economy had been more stable than previously expected before the initial peace agreement between the US and Iran led to a drop in oil prices. Therefore, the market no longer fully expects the Bank of England to raise interest rates this year, whereas previously it had anticipated three to four hikes of 25 basis points each.Japans inventory levels fell 0.6% month-on-month in May, compared with a previous decline of 0.3%.Japans industrial production fell 1.7% year-on-year in May, compared with a forecast of 1.2% and a previous reading of 2.00%.

Cryptoverse: Messi takes on Ronaldo in fan coin world cup

Cory Russell

Nov 30, 2022 15:15

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The soccer World Cup, which started on November 20, has stoked interest in this specialized breed of cryptocurrency, which are generally associated with sports clubs like Barcelona or Brazil.


According to Kaiko, a Paris-based cryptocurrency data company, the average daily trading volumes for these tokens increased to almost $300 million in November from $32 million the previous month.

The volume has increased by ten times, which is significant for these coins, according to research analyst Dessislava Aubert.


These tokens give certain consumers the opportunity to support their team and get benefits like the possibility to win prizes and the ability to choose the music played during games. Others see the tradeable coins as a fresh potential for investing.


But it takes a courageous investor to try to draw any logical connections between fluctuating coin prices and actual occurrences.


In the wake of the team's shocking loss to Saudi Arabia in their opening World Cup game, the Argentina team's token dropped 25% to $5.26. However, since the team's subsequent victory over Mexico, which gave fan relief, it has fallen another 22%.


The value of Cristiano Ronaldo's Portugal coin increased by 119% to $7 in the ten days before the tournament, but it then dropped by almost half even though the team was unbeaten and in first place of its group going into Monday's match against Uruguay, which it won to advance to the knockout round.


In club football, despite their sparkling rise to the top of the English Premier League, Arsenal's token has dropped 12.5% to $1.68 since the season began.


Researchers claim that the general state of the cryptocurrency market is partly to blame for price declines and that investors' aversion to risk has caused the flimsy assets to wither.


According to data from CoinGecko, the total market cap for fan coins increased to $401 million on the first weekend of the World Cup from $256 million roughly 10 days earlier, but it has since dropped back below $300 million.


People shouldn't purchase the coins primarily with the intention of making money, according to Siddharth Jaiswal, founder and CEO of Sportzchain, which predominantly issues tokens for the Asian market.


The icing on the cake, in his words, is that the tool is accessible via the blockchain and may be readily sold in the future, giving it a financial significance.


But the first impression should never be that you are purchasing the fan token to make money.


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