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On January 15th, the Ministry of Finance issued a notice revising the "Management Measures for Key Ecological Protection, Restoration and Governance Funds," clarifying the financial support policies for integrated protection and restoration projects of mountains, rivers, forests, fields, lakes, grasslands, and deserts, as well as ecological restoration projects of historically abandoned mines during the 15th Five-Year Plan period. The revision aims to standardize the use and management of funds and promote ecosystem protection and restoration. Eligible key ecological protection, restoration and governance projects will have a three-year implementation period. Regarding central government subsidies, support for integrated protection and restoration projects of mountains, rivers, forests, fields, lakes, grasslands, and deserts (also known as the "Mountain and Water Project") has been increased, raising the central government subsidy ratio. Projects within a province will receive a maximum subsidy of 75%, not exceeding 2 billion yuan. For the first time, cross-provincial joint applications for projects are explicitly supported, with cross-provincial projects receiving a maximum subsidy of 80%, not exceeding 2.5 billion yuan.On January 15th, Capital Economics analyst Marcel Tiliant pointed out that the upcoming Japanese general election is unlikely to lead to a significant easing of fiscal policy. Prime Minister Sanae Takaichis cabinet has the highest approval rating since the early days of Shinzo Abes administration, and the ruling coalition is expected to almost certainly extend its majority. However, he questions whether this will necessarily lead to a more accommodative fiscal policy. He stated that the massive supplementary budget passed last year to reduce gasoline surcharges and electricity prices has weakened the case for further fiscal expansion. Furthermore, Japan already plans to increase spending in its regular budget for fiscal year 2026. Any additional fiscal easing would require another supplementary budget, which Japan typically only uses in response to severe natural disasters or major economic turmoil.According to foreign media reports on January 15th, data released by the Petroleum Institute of Japan (PAJ) shows that as of the week ending January 10th, Japans commercial crude oil inventories were 9.9858 million kiloliters, a decrease of 367,647 kiloliters from the previous weeks 10.3534 million kiloliters. Japans commercial gasoline inventories were 1.6824 million kiloliters, a decrease of 13,325 kiloliters from the previous weeks 1.6958 million kiloliters. Japans commercial kerosene inventories were 2.0711 million kiloliters, a decrease of 156,230 kiloliters from the previous weeks 2.2274 million kiloliters. Japans commercial diesel inventories were 1.6332 million kiloliters, a decrease of 11,847 kiloliters from the previous weeks 1.645 million kiloliters.Goldman Sachs maintains its forecast that aluminum prices will fall as new Indonesian supplies enter the market in late 2026/early 2027.Goldman Sachs: The significant price increase is largely complete, and copper prices are increasingly prone to corrections.

The AUD/JPY exchange rate fluctuates below 90.00 as investors await BoJ action

Alina Haynes

Jan 18, 2023 15:03

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In the early Asian session, the AUD/JPY currency pair is bouncing violently in a narrow range below the resistance level of 90.00. Before the Bank of Japan introduces its first monetary policy of CY2023, the risk barometer indicates a sideways auction (BoJ). The AUD/JPY exchange rate reflects the consolidation of the AUD/USD, indicating an uncertain risk profile.

 

Investors anticipate that the Bank of Japan (BoJ) will not alter its policy stance on Friday, as doing so would increase financial market risk and hinder efforts to boost inflation. Previously, the Bank of Japan (BoJ) announced that the central bank will review the negative side effects of the decade-long ultra-loose monetary policy, generating the impression that the central bank is eager to abandon the easy policy.

 

The experts at Standard Charted expect the Bank of Japan to hold both the policy balance rate and the 10-year yield goal at their present levels of -0.1% and 0%, respectively. The recent decision to expand the 10-year JGB band to +/-50 bps (from +/-25 bps) will be evaluated by policymakers at the December meeting.

 

The replacement of current Governor of the Bank of Japan Haruhiko Kuroda will be widely followed. The next BoJ governor nominee is anticipated to be presented to the Japanese parliament on February 10, Reuters reported on Tuesday. Amamiya, Nakaso, and Yamaguchi are regarded as leading C.banking candidates.

 

Thursday is the expected publication date for Australian employment statistics, which investors are monitoring. The Unemployment Rate is expected to remain constant at 3.4%, according to the majority of economists. Aside from this, the Australian economy must have added 22,500 new jobs to the labor market in December, a down from the prior rises of 64K.

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