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According to Axios: Meetings between Qatari and Iranian officials in Tehran are still ongoing.On July 10, a symposium on research and consultation regarding the construction of a modern industrial system was held in Beijing to discuss the findings of key investigations and research conducted by relevant democratic parties and the All-China Federation of Industry and Commerce. Wang Huning, member of the Standing Committee of the Political Bureau of the CPC Central Committee and Chairman of the National Committee of the Chinese Peoples Political Consultative Conference, attended and delivered a speech. He stated that building a modern industrial system is a major strategic deployment made by the CPC Central Committee with Comrade Xi Jinping at its core, based on a profound understanding of the new round of technological revolution and industrial transformation, and a deep analysis of the situation and tasks of comprehensively building a modern socialist country. We must thoroughly study and implement General Secretary Xi Jinpings important expositions on building a modern industrial system, implement the tasks and deployments of the Fourth Plenary Session of the 20th CPC Central Committee regarding building a modern industrial system and consolidating and strengthening the foundation of the real economy, and earnestly carry out research, consultation, and policy advice work to contribute to building a new development pattern, promoting high-quality development, and advancing Chinese-style modernization.According to the Islamic Republic News Agency (IRNA), the Iranian memorial service will begin tonight and last for three nights.On July 10th, ING economists Marieke Blom and Amrita Naik Nimbalkar stated in a report that if the Eurozones savings rate falls to pre-pandemic levels, it could unleash demand for goods and services worth approximately 1% of GDP. In the first quarter of this year, household savings accounted for 14.3% of disposable income, higher than the five-year pre-pandemic average of 12.5%. In the US, the savings rate is projected to reach 10.2% by the last quarter of 2025, a level that could add nearly 2% to Eurozone GDP. With higher mortgage rates, slower credit growth, and precautionary saving dragging down spending, consumption is expected to remain weak. However, they stated that the shift from bank deposits to investments could lay the foundation for stronger spending and domestic demand in the coming years.July 10 (Futures News) – According to foreign media reports, the EU grain trade association Coceral stated on Friday that, due to the impact of high temperatures in Europe, it has lowered its forecast for EU and UK soft wheat production this year from 143.7 million tons in June to 140.8 million tons. The association also lowered its forecast for EU and UK corn production, from 57.2 million tons previously to 52.7 million tons.

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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