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On September 3, a reporter asked: The Chinese curatorial team announced its withdrawal from the Gwangju Biennale in South Korea due to its erroneous handling of Taiwan-related issues, expressing strong protest. The Chinese Embassy in South Korea has already issued a statement on this matter. What is Chinas comment on this? Foreign Ministry Spokesperson Guo Jiakun: The Joint Communiqué on the Establishment of Diplomatic Relations between China and South Korea clearly states that the government of the Republic of Korea recognizes the government of the Peoples Republic of China as the sole legal government of China and respects Chinas position that there is only one China and that Taiwan is a part of China. Since the beginning of this year, the South Korean side has repeatedly stated that its position on adhering to the one-China principle remains unchanged. The organizers of the Gwangju Biennale in South Korea stubbornly persisted in their erroneous practices, condoning Taiwans participation in the exhibition under a name completely inconsistent with its identity, blatantly violating the one-China principle. China firmly opposes this and has lodged a solemn representation with the South Korean side, demanding that the relevant parties immediately correct their erroneous practices. We hope that the South Korean government will abide by its political commitments, earnestly assume its responsibilities, and put the one-China principle into practice with concrete actions. The DPP authorities are using cultural exchanges, conferences, and exhibitions as occasions for political manipulation and provocative actions aimed at "independence." Their intentions are sinister, and their methods are despicable. Their political schemes will not succeed.The U.S. ISM non-manufacturing supplier deliveries index was 51.3 in August, up from 52.8 in the previous month.The U.S. ISM non-manufacturing inventory index for August was 56.7, compared to 51.4 in the previous month.The U.S. ISM non-manufacturing new orders index was 60.9 in August, down from 57.2 in the previous month.The U.S. ISM non-manufacturing employment index for August was 47.8, compared to 47.4 in the previous month.

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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