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On August 23, according to Iranian sources on August 22, Iranian Defense Ministry spokesman Reza Tarai-nik stated in an interview that Irans overall weapons and defense equipment production has doubled over the past year. Production of some strategic equipment prioritized for wartime deployment has even more than tripled. To maintain military secrecy, some equipment systems have not yet been publicly displayed. He also stated that if the enemy makes another foolish mistake, it will face an even greater defeat.August 23 - Following the 5.8 magnitude earthquake that struck Honshu, Japan, numerous injuries have been reported. As of 4:00 AM local time, nine people were injured in Saitama Prefecture, and as of 5:00 AM local time, three people were injured in Kanagawa Prefecture. Additionally, some people in Tokyo sustained cuts from broken glass. According to the Tokyo Fire Department, approximately 30 earthquake-related calls had been received as of 3:00 AM local time on the 23rd.On August 23, according to the New York Times, U.S. Trade Representative Greer revealed previously undisclosed trade proposals to Canada on Saturday, stating that these measures would grant Canada the most favorable treatment among all its trading partners. Greer stated that the Trump administration had promised to eliminate the 10% softwood lumber tariff imposed last year under Section 232, and also proposed reducing the 25% auto tariff imposed by Trump last year. Furthermore, because Canada could receive further tax reductions if its vehicles contain any U.S. parts, the auto tariff could have been reduced to 7%. The U.S. also proposed reducing metal tariffs, one of Canadas top concerns. The U.S. proposed reducing tariffs on most Canadian steel exports to the U.S. from 50% to 25% under the so-called tariff quota system, and for aluminum, the U.S. would reduce tariffs from 50% to 25%, without quota restrictions. For downstream products using steel and aluminum as raw materials, the U.S. proposed reducing tariffs by 10 to 25 percentage points, with a minimum of 15%. He also stated that the Trump administration had originally planned to suspend the 50% tariffs imposed on Canadian dairy products, wine, hockey sticks, and other goods that would begin early Saturday morning, while also cooperating on other issues such as key minerals and cargo transshipment. Greer refuted Canadian Prime Minister Carneys claim that "the U.S. is asking for too much and giving too little," stating that the U.S. proposal would "continue to provide them with the best market access and further improve those conditions."U.S. Trade Representative Greer: The United States could have postponed the 50% tariffs imposed on Canadian dairy products and wine.U.S. Trade Representative Greer: The U.S. has proposed lowering tariffs on most Canadian steel products to 25% and reducing tariffs on aluminum products from 50% to 25%.

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.

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