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Bank of Japan: The trade policies announced to date have altered the trend of globalization to some extent.Bank of Japan: Rising crude oil prices may be more easily transmitted to the prices of various goods and services than in the past.Bank of Japan: We also need to pay attention to the risk that food prices may exceed expectations due to rising raw material market prices.Bank of Japan: Exchange rate fluctuations are now more likely to affect prices than in the past.On April 28th, the Bank of Japan (BOJ) kept its interest rate unchanged, but three of its nine policy board members proposed a rate hike, reflecting the banks concerns about inflationary pressures stemming from the Middle East conflict. The 6-3 vote was the largest split since Governor Kazuo Ueda took office. The BOJ decided to keep its short-term policy rate at 0.75% at the end of its two-day meeting, in line with market expectations. Board members Hajime Takada, Naoki Tamura, and Junko Nakagawa dissented, advocating for a rate hike to 1.0%. Nakagawa argued that despite the continued uncertainty in the Middle East, price risks were skewed to the upside in a loose financial environment, considering economic developments. Tamura believed that given the significantly upside price risks, the BOJ should set its policy rate as close as possible to the neutral rate. Takada argued that Japans price stability objective had been largely achieved, and that price risks were clearly skewed to the upside due to the secondary effects of price increases caused by overseas developments. BOJ Governor Kazuo Ueda is expected to explain the decision to the media later.

The conclusion of the Argentine truckers' strike increases grain shipments

Charlie Brooks

Jul 01, 2022 11:36


The Argentine truckers' strike ended on Thursday, when several unions incensed by fuel shortages reached an agreement to terminate the one-week protest near the vital port of Rosario, which is expected to assist future grain exports.


The truck driver's protest over high gasoline prices has halted shipments of corn and other goods, just as the bulk of the harvest was making its way to ports for export to worldwide markets.


Due to the exclusion of a few tiny truckers groups from the deal, however, it is possible that certain protests may continue.


Argentina is the second-largest exporter of maize, the top exporter of processed soy oil and meal, and a major supplier of wheat and beef.


One of the unions, Autoconvocados Unidos, issued the following statement: "Despite our dissatisfaction (with the latest settlement of truck freight rates) and in light of the present crisis in our country, we have chosen to halt the strike."


The union described their action as an act of kindness.


The number of trucks entering ports surged by 70 percent on Thursday compared to the previous day, reaching approximately 1,500 vehicles, as reported by the Rosario grains market.


The Rosario ports are the departure point for 80 percent of Argentina's agricultural exports, the vast majority of which are transported by truck.


The ability of trucks to access the port is returning to normal, according to the manager of the country's marine port chamber, Guillermo Wade.


Additionally on Wednesday, the transport ministry secured a deal with non-striking agricultural and transport groups to hike grain freight charges by 25%.


However, the majority of protesting unions, led by the UNTRA truckers' union, felt the rate increase insufficient and chose to dismantle highway blockades.


The head of the UNTRA, Carlos Geneiro, said, "We have far greater expenses than that."


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