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On May 9th, the Ministry of Commerce held a special press conference to introduce the preparations for the APEC Trade Ministers Meeting. At the conference, Lin Feng, Director-General of the Department of International Trade and Economic Affairs of the Ministry of Commerce, stated that the digital economy is an important topic at this APEC Trade Ministers Meeting, and China hopes to work with all parties to deepen economic and trade cooperation in the digital field and promote digital development in the Asia-Pacific region and globally. Lin Feng pointed out that promoting pragmatic cooperation among APEC economies in the digital field has always been a priority for China. "We are working with all parties to study and promote several cooperation initiatives, including the cross-border e-commerce demonstration electronic port network, electronic bills of lading, paperless trade, artificial intelligence, and smart customs. We will also conduct a series of seminars during the APEC Trade Ministers Meeting to promote experience sharing, policy exchanges, and technological cooperation in related fields," Lin Feng revealed. He added that China will continue to make good use of the APEC cooperation mechanism to create a more open platform for all parties to participate in Asia-Pacific digital cooperation, allowing the benefits of digital economic development to reach more people.On May 9, Russian President Vladimir Putin said at a military parade commemorating the 81st anniversary of the victory in the Great Patriotic War that Russian troops participating in special military operations are fighting against "NATO-backed aggressive forces" and are still advancing.On May 9th, the Ministry of Commerce held a special press conference to introduce the preparations for the APEC Trade Ministers Meeting. At the conference, Lin Feng, Director-General of the Department of International Trade and Economic Affairs of the Ministry of Commerce, stated that this years ministerial meeting, held in Suzhou, has seen significant changes in both the topics discussed and Chinas role. Specifically, in terms of the topics discussed, Asia-Pacific economic and trade cooperation has entered a more complex and profound phase, with the topics further expanding into emerging areas such as the digital economy, green and low-carbon development, and the resilience of industrial and supply chains, aiming to help cultivate new economic drivers. Lin Feng pointed out that the current international situation is complex and severe, and the global economy urgently needs new growth momentum. Both globally and in the Asia-Pacific region, there are different views and perspectives on future development. Faced with difficulties and challenges, APEC economies have demonstrated a spirit of seeking common ground while reserving differences and a pragmatic attitude towards cooperation in the preparation process for this Trade Ministers Meeting. This reflects the confidence and expectations of all parties in the APEC mechanism, in Asia-Pacific cooperation, and in Chinas successful hosting of the meeting.On May 9th, Senior Colonel Jiang Bin, Deputy Director of the Information Bureau and Spokesperson for the Ministry of National Defense, issued a statement regarding recent military-related issues. Jiang Bin stated: "We strongly disapprove and resolutely oppose the false narratives and baseless smears against China by certain politicians in Japan and the Philippines on maritime issues. These parties disregard the common aspirations of regional countries for peace and development, ignore the opposition of their own people, and strengthen military collusion for their own selfish interests, exacerbating regional tensions. Japans deployment of troops to participate in joint exercises and its first-ever launch of an offensive missile overseas deliberately violate the principle of exclusively defensive defense. The Philippines attempt to enlist external forces to support its infringements and its attempt to shift blame onto China is a completely miscalculated move. The Chinese militarys determination to safeguard its territorial sovereignty and maritime rights is unwavering. We urge relevant countries to stop forming alliances and engaging in bloc confrontation, and instead do more to truly benefit regional peace and stability."On May 9th, Senior Colonel Jiang Bin, Deputy Director of the Information Bureau and Spokesperson of the Ministry of National Defense, released information on recent military-related issues. A reporter asked: It has been reported that the first "Kirin"-class conventional-powered submarine built by China for Pakistan was delivered in Sanya, with the Pakistani President, Chief of Naval Staff, and other high-ranking military and political officials attending the delivery ceremony. What is your comment on this? Jiang Bin stated: This is normal equipment cooperation between China and Pakistan, and a vivid manifestation of the all-weather strategic cooperative partnership between the two countries. In recent years, under the strategic guidance of the leaders of both countries, bilateral relations have continuously reached new heights and achieved new results. For many years, the two militaries have shown mutual support and assistance, achieving fruitful results in cooperation in areas such as strategic communication, joint exercises and training, personnel training, and equipment technology, playing an important role in maintaining the security of both countries and regional peace and stability. Going forward, the Chinese and Pakistani militaries will continue to consolidate strategic mutual trust, deepen pragmatic cooperation in various fields, and contribute to building a closer China-Pakistan community with a shared future and promoting world peace and development.

The USD/JPY Exchange Rate Drops Below 128.00 Following the Publication of Japan's Unemployment Rate at 2.6 Percent

Drake Hampton

Apr 26, 2022 09:55

The USD/JPY pair has fallen to roughly 127.70 after the Statistics Bureau of Japan published an unemployment rate of 2.6 percent, lower than forecasts and the previous print of 2.7 percent. The asset had a little decline following the release of labor market data. The strengthening of the job market has bolstered the Japanese yen's position against the greenback. Additionally, the Jobs/Applicants ratio came in at 1.22, matching market expectations but slightly higher than the prior print of 1.21 percent.

 

Japan's extraordinarily tight labor market has resulted in a sharp sell-off in the currency. On a broader scale, the Japanese yen is seeing a bullish reversal following a prolonged period of declines due to ultra-loose monetary policy. The Bank of Japan (BOJ) maintains a dovish attitude on liquidity conditions, owing to the fact that the economy has not yet recovered to pre-pandemic levels. While it is true that profit taking is pulling the asset lower, the long-term bullish outlook remains intact.

 

On the dollar front, the US dollar index (DXY) is encountering roadblocks on its way to 102.00. The DXY is facing headwinds from a slightly extended upward, as momentum oscillators on several timeframes have been severely overbought. Increased anticipation of a big rate hike by the Federal Reserve (Fed) in its May monetary policy statement continue to favor the bulls. Meanwhile, US 10-year Treasury yields have fallen below 3% for the first time in three years.

USD/JPY

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