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On January 11, the weather in northern and western Japan near the Sea of Japan has been extremely cold recently, with heavy snowfall in large areas over the past few days. In particular, the snow depth in Suoyu, Aomori Prefecture reached 3.7 meters on the 10th. Due to the snowfall, some sections of Japans highways were closed, and some Shinkansen trains were suspended or delayed.British Chancellor of the Exchequer Reeves: The fiscal rules set in the October budget are "non-negotiable". Global financial markets have undoubtedly changed.On January 11, Mitsubishi Motors President Takao Kato was interviewed on January 10. Regarding whether to join the management merger consultation between Honda and Nissan, he said "this is one of the options." Speaking of the envisioned benefits, Kato Takao said "We can actively get help in the North American business (where Mitsubishi Motors has no production base)." Kato Takao also pointed out that in terms of in-vehicle software development, "there will also be scenarios where the technical strength of the two companies will be utilized, which will be very beneficial." Honda and Nissan announced the full launch of management merger consultations in December last year. Mitsubishi Motors previously stated that it will decide whether to join the consultations around the end of January.On January 11, CICC commented on the US non-farm data. The team believes that the highlight of this time is the recovery of the service industry. The service industry has added 231,000 jobs, which has become the main driving force. Judging from the market reaction, the unexpected non-farm data has pushed the US Treasury bond interest rate and the US dollar to a new high, which is also in line with its judgment since the fourth quarter of last year: it believes that the US dollar is still strong and that interest rate cuts should be "done in reverse". When the interest rate cut is realized, it will be the low point of the US Treasury bond interest rate, rather than continuing to look at the recession and the starting point of the downward interest rate.German Geoscience Research Center GFZ: A 5.5-magnitude earthquake occurred in Ethiopia.

Eyes AUD/JPY 94.00 Prior to the release of China's GDP, the focus shifts to the RBA Minutes.

Larissa Barlow

Apr 18, 2022 09:43

The AUD/JPY pair is trading in a narrow range of 92.82-93.90 as investors anticipate the publication of China's National Bureau of Statistics' Gross Domestic Product (GDP) figures in Asia. The cross has been heading higher for an extended period, despite broader yen weakening.

 

It's worth mentioning that Australia is the world's largest exporter to China, and its better GDP figures will benefit the Australian dollar. The market consensus for China's annual GDP is 4.4 percent for the first quarter of CY22, down from 4% previously, while a preliminary estimate for China's annual industrial production is 4.5 percent, down dramatically from the previous number of 7.5 percent.

 

This week's big event will be the release of the Reserve Bank of Australia's (RBA) April monetary policy minutes. The minutes of the RBA will detail the mathematics underlying RBA Governor Philip Lowe's neutral stance. Additionally, information about Australian inflation will assist market participants in fine-tuning their strategies. Meanwhile, according to Reuters, the Bank of Japan (BOJ) is anticipated to maintain its ultra-loose monetary policy despite an upward revision to inflation expectations. Additionally, the agency claimed that the BOJ is projected to lift its fiscal 2022 inflation prediction to above 1.5 percent from the current 1.1 percent in April, while lowering its fiscal 2022 growth forecast from the current 3.8 percent.

AUD/JPY

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