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On May 27, Liu Guixiang, a deputy ministerial-level full-time member of the Judicial Committee of the Supreme Peoples Court and a second-level grand justice, stated at a press conference held by the State Council Information Office that the peoples courts will make every effort to safeguard national security and social stability. They will punish crimes that endanger national security and public safety, and disrupt the socialist market economy order, in accordance with the law. Adhering to the principles of marketization and the rule of law, they will comprehensively perform their functions of administrative, civil, and criminal adjudication, and prevent and resolve risks in key areas such as finance and real estate.On May 27, the State Council Information Office held a press conference on the theme of "Starting the 15th Five-Year Plan" to introduce the relevant situation of "Promoting the Rule of Law in All Aspects." At the press conference, Miao Shengming, Deputy Procurator-General and Second-Level Senior Procurator of the Supreme Peoples Procuratorate, stated that the procuratorate will severely punish crimes that have drawn strong public condemnation, such as serious violence, gun and explosives-related crimes, organized crime, crimes endangering production safety, and telecommunications and internet fraud, in accordance with the law. Those who should be arrested will be arrested, and those who should be prosecuted will be prosecuted. In particular, the procuratorate will swiftly arrest and prosecute individuals who commit serious and heinous crimes, and severely punish them, thereby more effectively deterring crime and stabilizing public sentiment.On May 27th, the Shanghai Stock Exchange (SSE) announced on May 26th that it had recently co-hosted an online international roadshow event, "Focus on SSE: Brazil Special," with the Brazilian Securities and Futures Exchange. The event attracted over 40 institutions from Brazil, including asset management companies, financial intermediaries, pension funds, and banks. Going forward, under the overall guidance of the China Securities Regulatory Commission (CSRC), the SSE will explore cross-border cooperation with more overseas markets, continuously enrich cross-border investment products, facilitate the allocation of overseas medium- and long-term funds to Chinese assets, and promote greater international investor understanding and investment in China through diverse themed events, enabling them to share in the high-quality development of Chinas capital market.On May 27th, according to the latest data released by the China Index Academy, in April, the total bond financing amount in the real estate industry reached 61.48 billion yuan, a year-on-year increase of 28.8% and a month-on-month increase of 18.5%. Among them, real estate corporate bond financing amounted to 37.48 billion yuan, a year-on-year increase of 2.6% and a month-on-month decrease of 9.1%, accounting for 61%; overseas bond financing amounted to 3.43 billion yuan, accounting for 5.6%; and ABS financing amounted to 20.57 billion yuan, a year-on-year increase of 83.9% and a month-on-month increase of 93.1%, accounting for 33.5%.Goldman Sachs raised its year-end 2026 target for the S&P 500 to 8,000, up from 7,600 previously.

USD/JPY falls to 146.00 as the DXY weakens and interest in BOJ policy rises

Alina Haynes

Oct 27, 2022 15:28

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During the Asian session, in response to negative signals from the US dollar index, the USD/JPY pair plunged below 146.00. (DXY). Following Wednesday's low of 146.22, the asset's two-day downward trend has extended. The main index is reaching the bottom of Monday's knee-jerk reaction near 145.77 as it continues to decline.

 

The dollar bears are facing a severe sell-off due to the positive market sentiment. The risk-sensitive currencies have benefited from an increase in risk appetite. The US dollar index (DXY) has struck a new monthly low of 109.56 and is anticipated to stay volatile until the release of crucial US economic data.

 

The increased demand for U.S. government bonds has resulted in a decline in yields. This is due to the global markets' increased confidence. The yield on 10-year United States Treasury notes has decreased to 4%.

 

According to estimates, the Gross Domestic Product of the United States expanded by 2.4% in the third quarter. Despite the ultra-hawkish monetary policies of the Federal Reserve (Fed) and the previously disclosed 0.6% fall in growth, forecasts indicate a positive growth rate.

 

In addition, US Durable Goods Orders data will continue to be a key point. Compared to a reduction of 0.2%, it is projected that economic statistics will increase by 0.6%. Notable is the increase in core inflation, which includes oil and food prices. In spite of this, the predicted increase in demand for durable goods in the United States demonstrates healthy household demand.

 

Investors in Tokyo are anticipating the Bank of Japan's (BOJ) interest rate decision on Friday. In view of the shocks to foreign demand, BOJ Governor Haruhiko Kuroda will continue an ultra-loose monetary policy to stimulate the outlook for economic development. In addition, Japanese policymakers are anxious that the inflation rate could go below 2%; hence, an extremely liberal policy is the best alternative.