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On June 25th, Westpac stated that it expects the Reserve Bank of New Zealand (RBNZ) to be less likely to raise interest rates as sharply as initially anticipated. This is because an early resolution to the Iranian conflict implies a weaker inflation outlook and an earlier economic recovery. Westpac anticipates the RBNZ will begin raising rates in September, but will only raise them once more for the remainder of the year. This means the official cash rate will peak at 4.0% by the end of 2027, before falling back to a neutral level of 3.75% by the end of 2028. Previously, Westpac had predicted the rate could reach as high as 4.25%. Westpac wrote, "Our core view suggests that the RBNZ will raise rates one less time this year than our most recent forecast, but one more time than pre-conflict projections."The yield on Japans 20-year government bonds fell 1.5 basis points to 3.55%.The bid-to-cover ratio for Japans 20-year government bond auction was 2.97, the lowest level since May 2025, compared to 4.01 in May.June 25th - The 4th China International Blockchain Expo (CIE) was held in Beijing from June 22nd to 26th. It is reported that Japan had the largest number of delegations from Asian countries at this years CIE. Ten Japanese economic delegations visited China, including representatives from the Japan Business Federation (Keidanren) and the Japan Chamber of Commerce and Industry. Keidanren is Japans largest and most authoritative comprehensive economic organization, with core members encompassing leading companies across almost all sectors. The Japan Chamber of Commerce and Industry is one of Japans largest national business organizations. The Kansai Economic Federation represents the Kansai region, Japans second-largest economic zone. These ten organizations broadly cover all aspects of Japans social enterprise network.June 25 – The Ministry of Ecology and Environment held its regular June press conference today (June 25). Officials stated that my country has entered its main flood season, and in response to the severe situation of potentially large fluctuations in water quality during this period, the Ministry has acted swiftly and made arrangements. Regarding abnormal water quality fluctuations during the flood season, the Ministry will promptly conduct analysis and consultations, providing point-to-point guidance to local authorities to identify the causes and accelerate rectification. Simultaneously, it will promote joint risk assessment and collaborative countermeasures between upstream and downstream areas, as well as between left and right banks of river basins, to avoid situations where "upstream pollution leads to downstream liability" or "left-bank remediation leads to right-bank relapse," thus forming a closed-loop management system for problem assignment, rectification implementation, and follow-up evaluation.

As BoJ Udea Mentions the Appropriateness of Current Monetary Policy, EUR/JPY Exhibits a V-Shaped Movement

Daniel Rogers

Feb 24, 2023 14:30

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When Kazuo Ueda, the nominee for Governor of the Bank of Japan (BoJ), addresses the Japanese parliament, the EUR/JPY currency pair exhibits a V-shaped movement. The commentary of Haruhiko Kuroda's successor as Governor of the Bank of Japan has increased the volatility of the Japanese Yen.

 

As he describes the current monetary policy as appropriate and necessary to sustain 2% inflation, BoJ Ueda's speech appears more diplomatic. Moreover, he stated that rising import prices are the cause of Japan's rising inflation. Domestic demand is still insufficient, but the central bank is attempting to achieve pre-pandemic growth rates. The neighborhood has descended into lunacy as a result of his speech's absence of Yield conversion control (YCC) discussions.

 

Despite current discussions about the expansion of the YCC, the economic outlook for the Japanese Yen is positive, as the Bank of Japan is working to increase labor costs, which will confidently support a revival in overall demand.

 

Nordea economists continue to be optimistic about the Japanese Yen: "We remain fairly sanguine on JPY due to our expectations of a change in Bank of Japan monetary policy later this year." According to a note from Nordea, the time is ripe for a normalization of the Bank of Japan's stimulative monetary policy, "with inflation reaching its highest level in decades and a prognosis for higher wage growth."

 

Despite the easing of inflationary pressures, investors are concerned that the normalization of the Eurozone economy will take a significant amount of time. In order to maintain a ceiling on the price index, the European Central Bank (ECB) is anticipated to continue raising interest rates.


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