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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."

GBP/JPY is above 163.00 as investors anticipate BOJ and BOE monetary policy decisions

Daniel Rogers

Sep 19, 2022 14:51

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The British pound to Japanese yen exchange rate has been all over the place throughout the Tokyo trading session, hovering between 163.12 and 163.34. The asset has continued its baffling weeklong price swing. Investors are trying to gather as much information as possible before making a decision, which is leading the cross to drift sideways before the results of the BOJ and BoE monetary policy meetings (BOE).

 

The weakening yen is a worry for the Japanese economy since it necessitates the shutdown or reduction of manufacturing capacity that relies heavily on global imports. Since this is the case, the Bank of Japan will have to take a stand of neutrality and refrain from pumping more money into the economy. The case for switching to a 'neutral' policy is bolstered by the fact that Japanese officials believe the yen's current value does not reflect its fundamentals and are prepared to intervene in FX fluctuations.

 

Japan's markets are closed today in observance of Respect for the Aged Day, while British markets are also closed today in observance of the Bank Holiday. In light of this, the cross's expected performance is middling at best.

 

UK inflation figures reported last week will aid the BOE, but it won't be enough to prevent an interest rate hike. The headline Consumer Price Index (CPI) for the United Kingdom came in at 9.9% less than the expected 10.2%, despite rising energy prices. Andrew Bailey, Governor of the Bank of England, is expected to announce a rate increase of 50 basis points (bps).

 

The BOE won't soften its aggressive position in response to a one-time drop in inflation. A shift in policy strategy will be warranted by a string of declining inflation rates.