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On March 1, local time, it was learned that the scope of the wildfire evacuation instructions issued by Ofunato City in Iwate Prefecture, Japan has been expanded to 1,896 households, totaling 4,596 people. As of 6 a.m. local time on the 1st, a total of 1,038 residents actually took refuge in 11 shelters opened by the local government. The area burned by this wildfire has expanded to 1,400 hectares and is still burning.On March 1, the "Measures for the Supervision and Administration of Market Measurement" was officially implemented on March 1, which will further strengthen the main responsibility of the organizers of the market and regulate the behavior of operators. Market supervision departments in various places will carry out a series of crackdowns on "ghost scales" in the near future, so that the public can buy "scales" as they wish and safeguard the legitimate rights and interests of consumers.On March 1, at noon on February 28, local time, US President Trump had a fierce quarrel with visiting Ukrainian President Zelensky during his meeting. At this time, Ukrainian Ambassador to the United States Oksana Markarova was photographed by the media at the scene. She was seen pinching her eyebrows with her right hand, and her face was unbearable to look at. At that time, Trump, US Vice President Vance and Zelensky quarreled in front of the media, and the meeting ended unhappily. The planned mineral agreement was not signed, and the joint press conference of the two sides was canceled. It is reported that Zelensky has left the hotel where he is staying in the United States.After the meeting with US President Trump on February 28 local time ended unpleasantly, Ukrainian President Zelensky spoke with French President Macron and NATO Secretary-General Rutte on the phone. He will also attend the European Summit in London, England this weekend and meet with European leaders. Macron, who is visiting Portugal, told the media, "We must thank all those who have helped and respected those who have been fighting from the beginning." German Chancellor Scholz said, "Ukraine can rely on Germany and Europe." Spanish Prime Minister Sanchez said, "Spain stands with Ukraine." European Commission President von der Leyen and Polish Prime Minister Tusk said, "Ukraine is not alone." In addition, many European leaders have expressed support for Zelensky. But there are also leaders such as Italian Prime Minister Meroni who said that "the United States, European countries and other allies should hold a summit immediately." Hungarian Prime Minister Orban expressed support for Trump.According to the Indonesian Meteorological, Climate and Geophysical Bureau, a magnitude 6.0 earthquake occurred in the Banda Sea of Indonesia at 4:58 a.m. local time on March 1, with a focal depth of 158 kilometers.

The USD/JPY is nearing 144.00 on rising rates and decreased risk appetite ahead of Powell's speech

Daniel Rogers

Sep 26, 2022 14:34

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The US dollar rose against the Japanese yen to a new intraday high of 143.60 as trading began in Tokyo on Monday, adding to the recovery gains seen on Friday. By doing so, the yen pair has reversed its decline from the 24-year high the day before, which had been brought about by Japan's action to protect the national currency.

 

The recent rise in the value of the yen may be attributable to Naoyuki Shinohara, Japan's former top currency ambassador. Shinohara told Reuters that Japan would focus on smoothing operations to reduce volatility rather than intervening in the currency market to protect a symbolic level, such as 145 yen per dollar.

 

From Thursday's highest levels since 1998, the USD/JPY quickly reversed course as Japan's senior currency ambassador Masato Kanda confirmed that they had intervened in the FX market. As he put it, the government "took significant action in the foreign exchange market."

 

Positive USD/JPY buyers are buoyed by rising US PMIs, rising Russia-Ukraine tensions, and hawkish central bankers other than the Bank of Japan (BOJ).

 

Recent US S&P Global PMIs for August, issued on Friday, showed an increase in the Manufacturing index to 51.8 from 51.5, and an increase in the Services index to 49.0 from 44.6. In a statement released on Friday, Federal Reserve Chair Jerome Powell said, "We are committed to employ our capabilities." Fed Vice Chair Lael Brainard then added that low-income people are feeling the effects of "hard" inflation. Despite the economy's continuing speed, Atlanta Federal Reserve President Raphael Bostic told CBS' "Face the Nation" over the weekend that he still believes the central bank can cut inflation without substantial job losses.

 

As President Zelenskiy of Ukraine was quoted as saying in a CBS interview, "Putin's nuclear threats may have been a bluff, but now it may be a reality," While Russia's foreign minister said annexing territory hosting widely criticized referendums would be met with complete protection from Moscow, the United States warned of "catastrophic ramifications" if Moscow utilized nuclear weapons in Ukraine.

 

As yields backed the US currency to remain strong despite aggressive Fedspeak and a rate hike, market fears caused Wall Street to close in the red. Although this occurs, S&P 500 Futures only fall by a few points as 10-year US Treasury yields climb by four basis points to 3.74 percent.

 

Going forward, USD/JPY buyers are expected to keep their upper hand while keeping a careful eye on any signs from Japan's engagement and words by Fed Chairman Jerome Powell, both of which are due out on Tuesday and Wednesday.

 

Although the recent higher lows and firmer RSI, which is not overbought, favor USD/JPY buyers, conviction requires a daily closing above the 13-day-old resistance line, now at 144.00 as of press time. Conversely, the downside is capped by the 21-day moving average around 142.25.

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