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On November 15, the UN Security Council adopted a resolution on November 14 extending sanctions against Yemen for another year until December 15, 2026, and requesting a panel of experts to continue monitoring and submit reports. The resolution condemned the Houthi attacks in the Red Sea and other waters, reaffirmed the arms embargo, and emphasized the need to resolve the conflict through a political process.Leapmotor: Cumulative sales this year have exceeded 500,000 units, achieving the 2025 sales target ahead of schedule.On November 15th, according to the Financial Times, Berkshire Hathaway, Warren Buffetts company, disclosed a $4.3 billion holding in Alphabet while reducing its Apple stake, making it the tenth largest holding in its portfolio. This may be one of the last new stock positions Berkshire adds before Buffetts retirement at the end of this year. This move deviates somewhat from Buffetts philosophy of buying and holding value stocks rather than high-growth companies for the long term. Meanwhile, Buffett sold approximately $11 billion worth of Apple stock in the third quarter. Besides Apple and now Alphabet, Berkshire Hathaways largest stock holdings do not include investments in large technology companies. Its other largest positions include American Express, Bank of America, and Coca-Cola, which remained largely unchanged in the third quarter.Conflict Situation: 1. Russia – ① Russian officials stated that a Ukrainian drone attack damaged apartment buildings and oil depots in the Russian Black Sea port of Novorossiysk. ② Russian Ministry of Defense: Air defense forces shot down or intercepted 216 Ukrainian drones overnight. 66 drones were shot down in the Krasnodar region of southern Russia. ③ Russian Federal Security Service: A Ukrainian plot to assassinate a senior Russian government official was foiled while the official was visiting a cemetery in Moscow. ④ Governor of Volgograd Oblast: Air defense systems repelled a nighttime drone attack targeting energy infrastructure. ⑤ Sources: Oil exports from the Russian Black Sea port of Novorossiysk have been suspended following the drone attack. ⑥ Russian Ministry of Defense: Russian forces conducted large-scale strikes against Ukrainian military and energy facilities. ⑦ Russian Ministry of Defense: Russian forces continued to attack besieged Ukrainian troops in the Krasnodar region. Russian forces successfully repelled seven Ukrainian attempts to relieve besieged troops from the northwest of Krasnodar. Russian forces also completed the clearing of Ukrainian personnel from the Rog settlement east of Krasnodar. 2. Ukraine – ① Numerous explosions were heard in the Ukrainian capital, Kyiv, with the mayor claiming a large-scale Russian attack. ② The mayor of Kyiv stated that the Russian attack injured 11 people. ③ The Ukrainian Ministry of Energy reported that Russia attacked energy facilities last night, causing power outages in parts of Kyiv, Odessa, and Donetsk. ④ The attack on Kyiv has resulted in 6 deaths. ⑤ Ukraine launched a major drone attack on Novorossiysk, a key Black Sea port handling oil cargo from Russia and Kazakhstan. ⑥ The General Staff of the Armed Forces of Ukraine reported that Russian forces launched 64 attacks in multiple locations in the Pokrovsk direction, of which Ukrainian forces repelled 41; the remaining battles are ongoing. Other developments: 1. Denmark delivered €830 million in military aid to Ukraine. 2. German Chancellor Merz stated that the EU is preparing new sanctions against Russia. 3. Russia consulted with the International Atomic Energy Agency regarding the power supply security of the Zaporizhia nuclear power plant. 4. Two industry sources said that the Saratov oil refinery in Russia halted oil processing on November 11 following the drone attack. 5. The deputy head of the Ukrainian military intelligence service stated that the number of artillery shells North Korea supplied to Russia in 2025 has decreased by about half compared to 2024. 6. The deputy head of the Ukrainian military intelligence service stated that Russia plans to produce approximately 500 new glide bombs with a range of 200 kilometers this year and is working to extend the range to 400 kilometers.On November 15th, the Russian Ministry of Defense stated that on the 14th local time, Russian forces continued their operations against besieged Ukrainian troops in the Krasnoyarsk region. Russian forces successfully repelled seven Ukrainian attempts to relieve besieged troops from the northwest of Krasnoyarsk, and also completed the clearing of Ukrainian personnel from the Rog settlement east of Krasnoyarsk. Furthermore, Russian forces continued their aggressive advance in the Dimitrov (Mirnokhlad) region adjacent to Krasnoyarsk, expanding their control. On the same day, the General Staff of the Ukrainian Armed Forces stated that Russian forces launched 64 attacks in multiple locations in the Pokrovsk direction, repelling 41 of them, with the remaining battles ongoing.

USD / JPY Traces Recovery In Yields To Rebound From a One-Month Low To 135.00, US Inflation, And BoJ Minutes Are Anticipated

Alina Haynes

Mar 13, 2023 11:42

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USD / JPY reverses course from the one-month low noted earlier in Asia, gaining bids to 134.50 during the first hour of Tokyo open on Monday. Despite this, the retirement of Bank of Japan (BoJ) Governor Haruhiko Kuroda has provoked hawkish demands for the Japanese central bank's next steps. The cautious tone preceding this week's top-tier data/events, such as the BoJ Minutes and the US consumer-centric numbers, such as the Consumer Price Index (CPI) and Retail Sales for February, may also present a challenge to pair purchasers.

 

The Yen pair's recent recovery may be attributable to recently higher US Treasury bond yields and a risk-on market sentiment, primarily driven by US regulators' efforts to contain the financial market risks posed by Silicon Valley Bank (SVB) and Signature Bank. However, US 10-year Treasury bond yields recover from their largest daily loss in four months to near 3.75%, while S&P 500 Futures recover from a nine-week low.

 

Over the weekend, the US Treasury Department, Federal Reserve, and Federal Deposit Insurance Corporation (FDIC) collaborated to reduce the risks posed by SVB and Signature Bank. In a joint statement released minutes ago, the authorities stated that "all depositors of Silicon Valley Bank and Signature Bank will be fully protected."

 

In a joint statement released minutes ago, the authorities stated that "all depositors of Silicon Valley Bank and Signature Bank will be fully protected." Following the US government's late plan to contain the financial crisis, the S&P 500 Futures and US Treasury bond yields consolidate their losses from the previous day.

 

Despite the risk-on sentiment, rising hawkish bets on the Bank of Japan's next move, especially after Kuroda's retirement, appear to exert downward pressure on USD / JPY prices. Observers of the Federal Reserve (Fed) may be similarly undecided following Friday's conflicting US employment data. As a result, the US Nonfarm Payrolls (NFP) increased by more than 205K in February, to 311K, compared to 504K (revised), while the Unemployment Rate increased to 3.6% for the month, compared to 3.5% expected and previously. In February, Average Hourly Earnings increased year-over-year but decreased month-over-month, while Labor Force Participation increased.

 

In the future, Wednesday's BoJ Minutes will be crucial in affirming the latest hawkish bias for the Japanese central bank's next move, which, if in accordance with market expectations, could impact USD / JPY prices. If US consumer-centric data is stronger than anticipated ahead of the crucial March Fed Open Market Committee, USD / JPY investors may return (FOMC).

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