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January 31 - According to the China Railway 12306 Technology Center, since the Spring Festival travel rush train tickets went on sale on January 19, as of 11:00 AM on January 31, the railway department has sold a total of 51.02 million tickets.On January 31, Chen Jining, Secretary of the Shanghai Municipal Committee of the CPC, pointed out during a research visit this morning (January 31) to promote consumption through the integration of culture, tourism, commerce, sports, and exhibitions that it is necessary to thoroughly study and implement the spirit of the Fourth Plenary Session of the 20th CPC Central Committee and the important speech delivered by General Secretary Xi Jinping during his inspection of Shanghai. He stressed the need to consistently focus on the deep integration of culture, tourism, commerce, sports, and exhibitions, using major festivals such as the Spring Festival as important levers to better grasp consumption trends, innovate consumption formats, enrich consumption scenarios, and lead the forefront of consumption, continuously amplifying the brand effect of "Shanghai Consumption" and promoting the construction of an international consumption center city to a deeper and more practical level.The U.S. Securities and Exchange Commission (SEC) has announced that due to the lack of funding and the (partial) government shutdown, it is currently operating according to its planned procedures during the shutdown. From January 31, 2026, until further notice, only a very small number of staff will continue to operate.January 31st - According to Xiongan Customs, the total import and export value of Xiongan New Area will reach 71.95 billion yuan in 2025, an increase of 18.9 times year-on-year. Exports will reach 11.38 billion yuan, an increase of 283.9% year-on-year; imports will reach 60.57 billion yuan, an increase of 8979.2% year-on-year.January 31st - Recently, Unit 2 of the support unit project for the Lingang Heavy-Duty Gas Turbine Test Power Plant successfully completed 168 hours of full-load trial operation, marking the full commissioning of the support unit project. The Lingang Heavy-Duty Gas Turbine Test Power Plant project is a major national "Two Engines" project. The support unit project follows the national strategy of relying on independent research and development while extensively engaging in international cooperation. It utilizes mature F-class and H-class commercial units on the market for technological breakthroughs and demonstrations. The support unit project is equipped with one 500 MW F-class unit (Unit 1) and one 670 MW H-class unit (Unit 2) combined cycle unit.

There was a bearish prognosis for the USD/JPY at the Tokyo open

Alina Haynes

Jul 06, 2022 11:29

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The USD/JPY is trading at 135.51, up 0.25 percent, as Tokyo's stock market starts. In a risk-off climate, bears lurk, and lower US rates encourage yen demand..

 

The yield on the U.S. 10-year Treasury decreased by 6 basis points in the early Asian trading session, although it is now attempting to stabilize at 2.818%. With the exception of the US dollar, the Japanese yen outperformed the rest of the major currencies overnight, with the USD/JPY rate rising only 20 basis points to 135.85. For the first time in over three weeks, the US 10-year and two-year yields have crossed. This was one of numerous instances this year. According to some economists, an inversion of the yield curve is a sign of an imminent economic crisis. The margin between the two-year and five-year interest rates was likewise negative on Tuesday.

 

Tuesday was a day of risk aversion, with the dollar rising to its highest level in two years and putting pressure on global markets and commodities. There is a high danger of future economic shocks being amplified by volatility in the cost of energy and raw materials, according to the Bank of England, which made the statement at the beginning Asian trade.

 

As a result of the ongoing COVID testing in Shanghai, analysts have expressed concern about the possibility of more lockdowns in China, which might have a ripple effect on other markets.

 

US stock markets reversed course on Tuesday, after a three-day holiday weekend and big gains on Friday, as investors await economic data expected later this week in Nonfarm Payrolls and ahead of today' monetary policy minutes from the Federal Open Market Committee. The Nikkei began the day with a gap, which suggests that the yen will climb.

 

US Nonfarm Payrolls data is likely to show that employment grew robustly in June, albeit at a slower rate than the nearly 400k jobs gained in March through May.

 

There will also be an examination of the Federal Reserve's June meeting minutes. Due to rising CPI inflation and signs of inflation expectations de-anchoring, the Federal Reserve accelerated the pace of rate-tightening. According to analysts at TD Securities, the Fed's more aggressive reaction function is expected to be revealed in the meeting minutes.

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