EUR/USD 1.16450
-0.061%
Gold 4596.22
0.038%
Oil 81.551
0.146%
USD/JPY 159.366
0.045%
GBP/USD 1.35781
-0.133%
GBP/JPY 216.377
-0.097%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On August 27th, Politico reported that tech companies have launched an intensive lobbying effort to persuade the Trump administration to scale back the anticipated chip tariffs, bringing them closer to the tariff plan announced by Trump earlier this year. This policy grants broad exemptions for data centers and other domestic uses, thus limiting the tariffs impact. Lobbies argue that the tariffs will make it harder for U.S. companies to obtain the quantities of semiconductors needed for the booming development of artificial intelligence, thereby slowing the expansion of data centers. At this time, U.S. tech giants are investing in AI at a record scale, pouring hundreds of billions of dollars into large data center campuses and snapping up expensive, cutting-edge chips needed to run these data centers. "This is probably the dumbest way I can think of to pursue U.S. AI dominance," said a tech industry official from a major industry association who served in Trumps first administration. "Its like crippling yourself at the starting line."On August 27th, the General Offices of four departments, including the Ministry of Industry and Information Technology, issued a notice on launching a special campaign to improve the consistency and quality of road motor vehicle production. The notice emphasizes strengthening publicity and guidance. It calls for organizing a special campaign to promote the upward development of Chinese automotive brands, holding joint brand events such as "Seeing Chinese Cars," focusing on the technology, quality, and service levels of Chinese automakers, telling the stories of Chinese automotive brands, and enhancing their influence. It also calls for researching and establishing standardized, open, fair, and traceable guidelines for third-party evaluation activities in the automotive industry. The notice further emphasizes the need to continuously rectify online chaos in the automotive industry and severely crack down on exaggerated and false advertising. Finally, it stresses strengthening the release of authoritative and professional information, publicly reporting problematic road motor vehicle manufacturers and testing institutions, drawing clear "red lines" and upholding "bottom lines" for the industry, resolutely deterring irrational competition, and guiding the industry to improve product consistency and quality and safety levels.According to Politico, four sources familiar with the matter said that U.S. Commerce Secretary Rutnick is inclined to link tariff reductions for foreign companies with investment in the U.S. chip manufacturing industry in order to stimulate domestic chip production.According to Politico, sources familiar with the matter revealed that a tariff proposal currently under consideration would significantly expand the scope of technology products subject to tariffs, including not only chips but also many products made using chips, such as laptops, game consoles, and servers used in data centers.On August 27th, the National Internet Finance Association of China held a symposium on credit reporting self-regulation in Beijing. The meeting heard reports from the association on its plans to establish a credit reporting working committee, strengthen risk prevention and governance, conduct self-regulatory evaluations of industry institutions, and standardize the behavior of practitioners. The Beijing branch of the Peoples Bank of China required credit reporting agencies under its jurisdiction to implement the spirit of the head offices documents, comply with the self-regulatory management regulations for the credit reporting industry, further enhance their awareness of legal compliance, and strengthen their ability to operate soundly. Participants engaged in in-depth discussions on the current state and development prospects of the credit reporting industry and offered suggestions on credit reporting self-regulation.

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.


Suggestion