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July 8th - According to CNN, citing three sources familiar with the decision-making process, prior to the February 28th attacks on Iranian targets, senior U.S. military commanders ignored warnings in key databases that intelligence regarding potential Iranian targets was severely outdated and approved multiple strikes, including an attack on an Iranian girls school that killed nearly 200 children and adults. The sources stated that the system contained warnings indicating that the intelligence was based on data from years ago and needed to be reviewed, and that adding targets to the strike list required approval from senior officers. Two of the sources indicated that senior commanders ignored the warnings for "efficiency reasons," as identifying targets was urgently needed in the early stages of a war, but this directly led to the mistaken bombing of the school. This attack is one of the deadliest civilian casualties in recent U.S. military operations.July 8th - According to Iranian state television today (July 8th), the US attack on Sirik in southern Iran has resulted in multiple injuries. Iranian President Pezechzian, who had just arrived in the Iraqi Shiite holy city of Najaf a few hours earlier, has left Iraq and returned home ahead of schedule. Pezechzian was scheduled to attend the funeral service for the late Iranian Supreme Leader Ali Khamenei in Iraq today.Bahrains Foreign Ministry condemned Irans attacks on Saudi and Qatari oil tankers, calling the incidents a "serious violation of international law" and a threat to maritime security and global energy supplies.1. All three major U.S. stock indexes closed lower. The Dow Jones Industrial Average fell 0.25% to 52,925.15 points, the S&P 500 fell 0.45% to 7,503.85 points, and the Nasdaq Composite fell 1.16% to 25,818.69 points. Caterpillar fell more than 3%, Honeywell International fell more than 2%, leading the decline in chip stocks, with the Philadelphia Semiconductor Index falling 4.65% and Intel falling more than 9%. The Wind U.S. Tech Big Seven Index fell 0.01%, Tesla fell more than 4%, Facebook rose more than 2%, and SpaceX fell nearly 7%. 2. The three major European stock indexes closed mixed. The German DAX fell 1.37% to 25,465.25 points; the French CAC40 fell 0.51% to 8,436.24 points; and the UK FTSE 100 rose 0.13% to 10,665.88 points. 3. The WTI crude oil futures contract rose 5.32% to $72.2 per barrel; the Brent crude oil futures contract rose 5.49% to $75.94 per barrel. 4. International precious metals futures generally closed lower. COMEX gold futures fell 1.22% to $4116.60 per ounce, and COMEX silver futures fell 3.09% to $60.41 per ounce. 5. Most London base metals fell. LME aluminum rose 0.75% to $3139.0 per tonne, LME lead rose 0.40% to $1887.5 per tonne, LME tin fell 0.12% to $53000.0 per tonne, LME copper fell 0.51% to $13334.5 per tonne, LME zinc fell 0.56% to $3571.0 per tonne, and LME nickel fell 0.90% to $16275.0 per tonne.According to Iranian state television, Iranian President Peshizian has left Iraq and returned to Iran after the United States launched airstrikes on southern Iran.

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.