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On February 25th, five departments, including the Shanghai Municipal Commission of Housing and Urban-Rural Development, jointly issued the "Notice on Further Optimizing and Adjusting the Citys Real Estate Policies." The notice stipulates that from January 1, 2026, for Shanghai residents whose children have reached adulthood and whose purchased housing is the only residence of their adult childrens family, personal housing property tax will be temporarily exempted. Specifically, for homebuyers who jointly owned housing with their parents or grandparents when they were minors (or before the pilot program for personal housing property tax in Shanghai), and whose newly purchased or replaced housing in Shanghai remains the only residence of their adult childrens family (excluding jointly owned housing), personal housing property tax will be temporarily exempted. If the homebuyers family housing situation changes and meets the above conditions, they can re-declare and verify their personal housing property tax information with the tax authority where the taxable housing is located. Tax adjustments will be made from the month following the re-verification by the tax authority, and any overpaid taxes for the period after January 1, 2026 will be refunded.On February 25th, five departments in Shanghai—the Shanghai Municipal Commission of Housing and Urban-Rural Development, the Shanghai Municipal Housing Administration Bureau, the Shanghai Municipal Finance Bureau, the Shanghai Municipal Taxation Bureau, and the Shanghai Municipal Housing Provident Fund Management Center—jointly issued a "Notice on Further Optimizing and Adjusting Shanghais Real Estate Policies." The notice expands the scope of support for home purchases by families with multiple children. The application of housing provident fund loan support policies has been extended from the purchase of a first home to the purchase of a second home. Specifically, for families with multiple children purchasing a second home, the maximum loan amount will be increased by 20% based on the citys maximum loan amount.On February 25th, five departments in Shanghai—the Shanghai Municipal Commission of Housing and Urban-Rural Development, the Shanghai Municipal Housing Administration Bureau, the Shanghai Municipal Finance Bureau, the Shanghai Municipal Taxation Bureau, and the Shanghai Municipal Housing Provident Fund Management Center—jointly issued a "Notice on Further Optimizing and Adjusting Shanghais Real Estate Policies." The notice states that the maximum housing provident fund loan for a family purchasing its first home will be increased from 1.6 million yuan to 2.4 million yuan. Combined with the increased maximum loan amount for families with multiple children and for purchasing green buildings (up to a 35% increase), the maximum loan amount for a Shanghai housing provident fund family can reach 3.24 million yuan. The maximum loan amount for purchasing a second home has also been increased accordingly. For Shanghai families who have previously used housing provident fund loans, and who have no housing in Shanghai or only one home and have currently repaid their housing provident fund loan, they can apply for a housing provident fund loan when purchasing another home in Shanghai.On February 25th, five departments in Shanghai—the Shanghai Municipal Commission of Housing and Urban-Rural Development, the Shanghai Municipal Housing Administration Bureau, the Shanghai Municipal Finance Bureau, the Shanghai Municipal Taxation Bureau, and the Shanghai Municipal Housing Provident Fund Management Center—jointly issued the "Notice on Further Optimizing and Adjusting Shanghais Real Estate Policies." The notice states that eligible holders of Shanghai Residence Permits can purchase housing in Shanghai. Non-Shanghai resident families or single adults who have held a Shanghai Residence Permit for five years or more are limited to purchasing one housing unit in Shanghai, without needing to provide proof of social security or individual income tax payments. Non-Shanghai resident families or single adults who have continuously paid social insurance or individual income tax in Shanghai for one year or more prior to the date of purchase are allowed unlimited housing purchases outside the Outer Ring Road, but limited to one housing unit within the Outer Ring Road; those who have continuously paid social insurance or individual income tax for three years or more are limited to purchasing two housing units within the Outer Ring Road. Holders of Shanghai Residence Permits for five years or more are limited to purchasing one housing unit citywide.February 25 – Hong Kong Financial Secretary Paul Chan Mo-po delivered the 2026-2027 Budget Address to the Legislative Council today (February 25). He stated that starting from the 2026/27 tax year, the basic tax exemption and single-parent tax exemption will be increased from HK$132,000 to HK$145,000, and the married tax exemption will be increased from HK$264,000 to HK$290,000, benefiting approximately 2.09 million taxpayers and reducing tax revenue by approximately HK$3.56 billion annually. The child tax exemption and additional child tax exemption will be increased from HK$130,000 to HK$140,000, benefiting approximately 360,000 taxpayers and reducing tax revenue by approximately HK$680 million annually.

Yields are driving the USD/JPY exchange rate toward 134.50, and anxieties about wage growth and an economic slowdown have turned the focus

Alina Haynes

Aug 18, 2022 11:17

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At Thursday's Tokyo open, the USD/JPY accepted bids to renew intraday lows near 134.90, preserving the week's gains. Recent weakness in the yen pair may be related to speculation about the state of Japan-China ties and the job market in the Asian superpower. Bears can find encouragement in the most recent Fed Minutes. Bears in the session are bolstered by worries of a recession, and bulls in the pair are still holding on.

 

Takeo Akiba, Japan's National Security advisor, and Yang Jiechi, China's Foreign Minister, reportedly agreed to continue discussions to establish a positive and stable alliance, as reported by Japan's local media Jiji earlier in the Asian session.

 

Elsewhere, On Thursday, a monthly Reuters poll showed that more major Japanese companies are increasing pay to attract workers and address persistent personnel shortages. That's encouraging because it suggests Japan's corporate sector is beginning to address the issue of decades of stagnant pay.

 

Current US 10-year Treasury yields of 2.89 percent are down from the week's high of roughly 2.90 percent. Both the disappointing FOMC meeting minutes and the risk-positive China Securities news were ignored by the benchmark bond coupons. According to the Federal Reserve Minutes, officials were unanimous in their support of the 75 basis point rate hike in August and expected future rate hikes to be less rapid. In addition, the Minutes revealed that Fed officials were aware of the risk that the Fed could tighten policy too far.

 

In order to spur investment, China may issue an additional 1.5 trillion yuan in debt, according to China Securities news.

 

As a result of these wagers, the S&P 500 Futures decline by 0.25 percent, reflecting Wall Street's poor showing, while the Nikkei 225 index in Japan has daily losses of close to 1 percent.

 

Trading pairs should focus on the weekly releases of US Initial Jobless Claims and the Philadelphia Fed Manufacturing Survey for August in the absence of other relevant data/events.

 

In order to consolidate their gains, USD/JPY bulls need to push the pair over the 50-day moving average near 135.40. The 21-day moving average is a support level around 134.50, therefore a dip towards that level cannot be ruled out until then.


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