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On May 23, Iranian Foreign Ministry spokesman Baghae stated that the core purpose of Pakistani Army Chief of Staff Munirs visit to Iran was to convey and exchange specific information between Iran and the United States. He said, "At this stage, all our core focus is on ending this war of imposition." Baghae indicated that the two sides have held several rounds of intensive exchanges of views on different clauses in the proposal. They have also conducted in-depth discussions on issues where they have serious disagreements. Given the consistently contradictory stance of the United States, Iran cannot currently assert that this negotiation process will undergo a fundamental change. He said, "Our views have indeed converged somewhat, but this does not mean an agreement has been reached; it merely allows us to explore a possible solution."On May 23, an Iranian Foreign Ministry spokesperson stated that the current mediation process with the United States is "time-consuming and laborious" because the USs hostility dates back decades. "We discussed some key points and wording where disagreements remain, and made suggestions, some of which are still under review, with all parties expressing their opinions," the Islamic Republic News Agency quoted Bagae as saying. Bagae also thanked Pakistan for its mediation efforts.Iranian Foreign Ministry Spokesperson: We are currently focused on finalizing the memorandum of understanding with the United States. Over the past week, the two sides have been getting closer, and we must wait and see what happens in the next three or four days.Naftogaz, Ukraines state-owned gas company, reported that Russia attacked the Naftogaz oil and gas facilities in the Kharkiv and Poltava regions.Iranian Foreign Ministry Spokesperson: The trend this week is toward reducing differences, but we need to observe the situation over the next few days.

The USD/JPY exchange rate reaches 133.50 as the BOJ's summary of viewpoints bolsters the outlook for loose policy

Alina Haynes

Dec 28, 2022 10:59

USD:JPY.png 

 

After fluctuating around 133.50 during the Asian session, the USD/JPY pair has breached to the upside. The Japanese Yen is volatile due to expectations that the Bank of Japan (BOJ) will retain its ultra-lax monetary policy.

 

The USD Index has maintained a range-bound performance near 103.80 despite the volatility of risk-sensitive assets. The selling pressure on the S&P 500 on Tuesday was caused by weakness in technology companies. In addition, a decline in economic activity, as recorded by the Trade Balance figures of the United States Census Bureau, caused uncertainty to US markets.

 

In November, the US international interest rate gap dropped by $15.5 billion, from $98.8 billion in October to $83.3 billion. The drop in the trade deficit is not attributable to a rise in exports, but rather to a general decline in economic activity. The United States economy has begun to feel the effects of the Federal Reserve's (Fed) decision to boost interest rates to combat inflation.

 

In the interim, the decline in US Durable Goods Orders and household consumption spending has begun to raise red flags regarding the Federal Reserve's aggressive monetary policy. The economists at ING anticipate that the recession will hasten inflation's reduction, allowing the Fed to reduce interest rates by the end of CY2023.

 

Reuters shared the Bank of Japan (BOJ) Summary of Opinions for the most recent monetary policy meeting, which underlined that the central bank must sustain its easy monetary policy because Japan is in a vital phase for achieving its price target. In addition, the economy is exhibiting signs of wage increases, which is a positive economic cycle; yet, it is prudent to maintain a loose monetary policy for the time being.


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