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On April 4, the Yangtze River Delta Railway ushered in the peak of passenger flow during the Qingming Festival. It is expected to send 4.1 million passengers today, 365,000 more than the same period last year, an increase of about 9.8%, and is expected to set a new record for single-day passenger volume. This years Qingming Festival railway transportation will start from April 3 to 7. The Yangtze River Delta Railway is expected to send 17.6 million passengers in 5 days, with an average daily passenger flow of 3.52 million, a year-on-year increase of 6.8%.The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."

Despite growing chances of BOE-BOJ policy divergence, the GBP/JPY exchange rate is falling toward 162.00

Daniel Rogers

Sep 22, 2022 15:05

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The pound to yen exchange rate has given up the key support level of 162.20 during the Asian session and is now slowly descending toward the 162.00 level. Since breaking down below the consolidation range formed between 162.80-164.47, the asset has been trending downwards. The cross has been trending downwards despite growing expectations of further growth in policy divergence between the Bank of England (BOE) and the Bank of Japan (BOJ).

 

British households are facing headwinds due to price pressures inside the British economy. The latter is obligatory in order to provide dividends that are adjusted for inflation and yield a net gain of one cent per year. The current state of the labor market, GDP forecasts, and energy costs all argue against a rate hike by the BOE. Although unpleasant, the Governor of the Bank of England (BOE) must bite the bullet and announce a rate increase of 50 basis points (bps).

 

Some of Liz Truss's economic measures, such as her announcement of a reduction in tax brackets, an energy and electricity cost ceiling, and a trade pact with the United States, look to be beneficial to the economy. The pound bulls aren't getting stronger despite this.

 

As a result of the BOJ's reluctance to intervene in the currency market, the Japanese yen has risen on the Tokyo financial scene. It has been reported by Bloomberg news wires that Japan's former vice foreign minister, Tatsuo Yamasaki, has said that the Japanese government is prepared to intervene in the currency markets at any time. The yen doesn't need America's blessing, he said, so the government won't be changing it.

 

Given the continued need to monitor the economy's growth prospects and inflation drivers, it is expected that the BOJ would maintain a "neutral" stance on monetary policy. The policy gap between the BOE and BOJ will widen as a result.