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On September 2nd, Bank of Japan Governor Kazuo Ueda stated that he would consider the risks of rising prices when deciding on monetary policy, a statement that could further fuel market speculation about a rate hike at the BOJs policy meeting later this month. Speaking after the G20 finance ministers and central bank governors meeting, Ueda said the BOJ would, as always, have a thorough discussion on monetary policy at its next meeting. Ueda declined to comment on the markets strong expectations for a September rate hike. However, he stated that recent economic data was consistent with the BOJs previous outlook. This key statement suggests that the BOJ is proceeding with its planned further rate hike. The BOJ has previously indicated that future policy discussions will focus on the risks of rising prices. Uedas remarks come as US Treasury Secretary Scott Bessant further called for appropriate policy action from the BOJ this week, further reinforcing market expectations of an imminent rate hike. Overnight index swaps indicate that the market believes there is approximately a 99% probability of a BOJ rate hike in September.U.S. Energy Secretary Wright: 17 million barrels of oil passed through the Strait of Hormuz on Monday.Bank of Japan Governor Kazuo Ueda: We are closely monitoring foreign exchange fluctuations, which are one of the risk factors for price prospects.Bank of Japan Governor Kazuo Ueda: From a risk management perspective, we are paying more attention than ever to upside and downside risks, especially upside price risks.Bank of Japan Governor Kazuo Ueda: We will not focus solely on foreign exchange, and we will not react more strongly to foreign exchange fluctuations when formulating policies than before.

Plastic Consumption Is Projected to Nearly Double by 2050, According to Studies

Haiden Holmes

Feb 27, 2023 14:08

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According to research published on Monday, plastic consumption in G20 nations is on track to nearly double by the middle of the 21st century unless a comprehensive and legally binding global treaty to reduce consumption is drafted.


According to Back to Blue, a research group operated by the Economist Impact think-tank and the Nippon Foundation, existing initiatives to increase recycling or reduce single-use plastic consumption have "barely scratched the surface" and a more comprehensive global plan is required.


In Uruguay, the United Nations began negotiations on an agreement to combat plastic pollution in November, with the goal of drafting a legally binding treaty by the end of the following year. 175 countries have joined up for the negotiations.


Nonetheless, if negotiations fail, annual plastic production in G20 nations could reach 451 million tonnes by 2050 based on current development rates, according to Back to Blue - an increase of nearly 75 percent from 2019.


The research group stated, "There should be no illusions that the treaty negotiations will be anything but difficult and treacherous." "The likelihood of failure is high, both in terms of no treaty emerging and a treaty that is insufficient to reverse the plastic tide."


It called for a stricter ban on single-use plastic, as well as increased production taxes and mandatory programs to hold companies accountable for the entire lifecycle of their products, including recycling and disposal.


Back to Blue stated that the combined measures could limit annual consumption to 325 million tonnes by 2050, but that would still be a 25 percent increase from 2019 and the equivalent of 238 million garbage vehicles.


Brazil, the United States, Indonesia, and Turkey are among the G20 countries that have yet to introduce national prohibitions on single-use plastic products, according to the report.