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JPMorgan Chase raised its price target for Marathon Petroleum (MRO.N) from $257 to $300.On July 13th, the Ministry of Civil Affairs and 14 other departments jointly released the "Three-Year Action Plan for Expanding and Improving the Rehabilitation Assistive Device Industry (2026-2028)." Regarding payment guarantees, the plan supports the inclusion of eligible therapeutic rehabilitation assistive devices in medical insurance and explores the inclusion of intelligent services related to long-term care and supportive assistive devices in the long-term care insurance coverage. It also guides and encourages commercial insurance companies to include rehabilitation assistive device configurations in their commercial health insurance reimbursement scope. In terms of industry management, the plan accelerates the revision and formulation of mandatory standards for electric wheelchairs and recommended standards for wearable exoskeletons. Regarding talent cultivation, the plan supports eligible rehabilitation assistive device enterprises and institutions in establishing postdoctoral research workstations and supports universities and vocational schools in offering majors related to rehabilitation engineering and rehabilitation assistive device technology.On July 13, the General Office of the CPC Central Committee and the General Office of the State Council issued an opinion on improving the system for managing natural resource assets. The opinion mentions improving the system for inventorying, statistically analyzing, and accounting for natural resource assets. It calls for integrating and utilizing the results of natural resource surveys, land space monitoring, registration of ownership, grading, and valuation to conduct regular inventories of natural resource assets, clarifying the physical quantity, exploring ways to calculate the value, ascertaining the baseline of natural resource assets, and clarifying the status of usage rights. It also calls for establishing an annual update mechanism for the results of natural resource asset inventories and strengthening the analysis and application of these results. Furthermore, it emphasizes improving the statistical system for all-people-owned natural resource assets, improving the system for compiling natural resource asset balance sheets, and promoting their routine compilation. Finally, it explores the development of natural capital accounting.On July 13, the General Office of the CPC Central Committee and the General Office of the State Council issued an opinion on improving the system for managing natural resource assets. The opinion mentions improving the market system and rules for natural resource assets. It calls for deepening the reform of the paid use system for natural resource assets, establishing and improving rules for the allocation, transfer, leasing, valuation as investment (equity participation), joint ventures, and contracted management of natural resource assets in accordance with laws and regulations, improving relevant natural resource asset allocation contracts, clarifying the rights, obligations, and responsibilities of all parties, and implementing full life-cycle management. It also explores the establishment of a paid use system for state-owned agricultural land. The opinion promotes competitive bidding for mining rights and strictly controls negotiated bidding. It aims to gradually increase the proportion of market-based allocation of sea area use rights. It also aims to cultivate and regulate the water rights trading market. Furthermore, it calls for formulating rules for grading, classifying, and valuing natural resource assets in accordance with laws and regulations, and improving the natural resource asset pricing system. Finally, it emphasizes improving the natural resource asset trading mechanism, strengthening dynamic market monitoring and supervision, establishing a market credit system, and maintaining market order for natural resource assets.On July 13, the General Office of the CPC Central Committee and the General Office of the State Council issued an opinion on improving the system for managing natural resource assets. The main objectives are: by 2030, the system for managing natural resource assets will be more complete, with clearer responsibilities, a clearer picture of asset holdings, stronger overall protection, more efficient asset allocation, and more comprehensive assessment and supervision; all types of natural resource assets and all national land space will be effectively protected, and the level of natural resource asset management will be significantly improved. By 2035, the system and mechanisms for managing natural resource assets will operate smoothly, a complete and systematic system for managing natural resource assets will be fully established, and the level of natural resource asset management will be comprehensively improved.

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.