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A senior official from Japans Ministry of Finance stated that Japans fiscal policy and the recent coordinated foreign exchange intervention were among the main topics of discussion during the meeting between Japanese Finance Minister Satsuki Katayama and U.S. Treasury Secretary Bessenter.A senior official from Japans Ministry of Finance stated that Japanese Finance Minister Satsuki Katayama and U.S. Treasury Secretary Bessenter discussed issues such as foreign exchange intervention during a bilateral meeting.On September 1st, it was reported that on August 31st, the leaders of the opposition parties, the "Chudo Reform Alliance," the Constitutional Democratic Party, and the Komeito Party, held a meeting in the Diet and formally decided to abandon the idea of a three-party merger at this stage. The "Chudo Reform Alliance," a new party formed by the Constitutional Democratic Party and the Komeito Party to counter the conservative Takashi City government, was announced on January 22nd. However, in the subsequent House of Representatives election, it won only 49 seats, far below expectations. Subsequently, members of the Constitutional Democratic Party and Komeito Party in the House of Councillors, as well as local organizations, who had originally planned to join the alliance, expressed increasing caution regarding further mergers, and the three-party merger ultimately failed. Japanese scholars believe that although the merger did not materialize, this is only one stage in the long-term restructuring process of Japans opposition parties, and they may continue to cooperate and seek restructuring in other forms in the future.A senior official from Japans Ministry of Finance said that the Bank of Japan is expected to formulate monetary policy based on the economic situation, rather than being influenced by the United States.On September 1st, the "Hangzhou Financial Industry Development 15th Five-Year Plan (Draft for Public Comment)" was released for public comment. The draft includes provisions to promote the clustered development of the financial technology industry. It supports financial institutions and large technology companies in establishing financial technology R&D centers and innovation platforms in Hangzhou, attracts investment to build a digital public service platform for the securities and futures industry, and promotes the joint construction of various financial technology laboratories and incubators. The plan also aims to become a pilot city for the application of artificial intelligence in the financial industry, supporting financial institutions and financial technology companies in conducting research and development on key underlying technologies and cutting-edge technologies for "artificial intelligence + finance," resulting in a number of leading intellectual property achievements. Furthermore, the plan implements the "Data Element ×" financial action, leveraging the Hangzhou corpus to create a trustworthy data space for the Hangzhou financial industry, achieving high-quality supply of financial corpus data, and promoting the industrial application of artificial intelligence in the financial field.

Ukraine Will Block A Crucial Russian Gas Transit to Europe, Blaming Russia

Charlie Brooks

May 11, 2022 09:46

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Ukraine said on Tuesday that it will cease the flow of gas via a transit point that, according to Kiev, sends over one-third of the fuel piped from Russia to Europe through Ukraine. Kiev blamed Moscow for the action and said it would redirect the flows elsewhere.


Even after Moscow's invasion, Ukraine has remained a significant transit route for Russian gas to Europe.


The operator of Ukraine's gas infrastructure, GTSOU, has declared "force majeure" and will cease shipments through the Sokhranivka route as of Wednesday. "Force majeure" is a provision triggered when a firm is affected by circumstances beyond its control.


However, Gazprom (MCX:GAZP), which has a monopoly on Russian gas pipeline exports, said that it was "technologically impossible" to move all volumes to the Sudzha connecting point farther to the west, as GTSOU requested.


GTSOU CEO Sergiy Makogon told Reuters that Russian occupation troops have begun transporting gas flowing through Ukraine to two rebel territories supported by Russia in the country's east. He failed to provide proof.


The company stated that it was unable to operate at the Novopskov gas compressor station due to "the interference of the occupying forces in technical processes," adding that it could temporarily redirect the affected flow to the Sudzha physical interconnection point, which is located on Ukrainian territory.


Ukraine's suspension of Russian natural gas shipments via the Sokhranivka route should have no effect on the local Ukrainian market, according to Yuriy Vitrenko, the president of the state-owned energy business Naftogaz.


The national gas company of Moldova, a tiny country on Ukraine's western border, said that neither GTSOU nor Gazprom had notified them of a supply interruption.


Russian army and separatist militants have controlled the Novopskov compressor station in the Luhansk area of eastern Ukraine since shortly after Moscow launched a "special military operation" in February.


GTSOU said that it is the first compressor in the Ukraine gas transit system in the Luhansk area, the transit route for about 32,6 million cubic metres of gas per day, or a third of the Russian gas transported to Europe through Ukraine.


To fulfill its "transit responsibilities to European partners in full," GTSOU said that it will "temporarily move unavailable capacity" to the Sudzha interconnection point.


Gazprom said it had received information from Ukraine that the nation will cease gas transit to Europe through the Sokhranivka interconnector at 7:00 a.m. on Wednesday local time.


The Russian corporation said that it observed no evidence of force majeure or impediments to business as usual. Gazprom emphasized that it was fulfilling its commitments to European gas purchasers.


As punishment for the invasion of Ukraine, the United States has pushed other nations to reduce their reliance on Russian energy and has prohibited Russian oil and other energy imports.


Ned Price, a spokeswoman for the U.S. State Department, said that Tuesday's declaration does not alter the "as soon as feasible" schedule for reducing global dependency on Russian oil.

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