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The China Earthquake Networks Center officially reported that a magnitude 3.2 earthquake occurred at 10:59 a.m. on September 21 in Xinghai County, Hainan Prefecture, Qinghai Province (35.36 degrees north latitude, 99.56 degrees east longitude), with a focal depth of 10 kilometers.On September 21, in response to recent reports from quality inspections and media outlets regarding falsified inspection and testing reports in various sectors, the State Administration for Market Regulation (SAMR) launched a comprehensive campaign to rectify and strengthen the supervision of the entire inspection and testing chain, including pre-event, during-event, and post-event procedures. The campaign aims to thoroughly address irregularities in the inspection and testing industry, adhering to a problem-oriented, goal-oriented, and results-oriented approach. It will integrate system building, reform efforts, and innovation, combining immediate rectification with long-term institutional development, and managing both institutions and personnel. While strictly controlling qualification requirements, the campaign will focus on addressing shortcomings in the entire regulatory chain, strengthening the application of smart technologies, and improving collaborative governance mechanisms to continuously enhance regulatory effectiveness.On September 21, it was reported that on September 20, the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) held a special meeting. The meeting emphasized that state-owned enterprises should focus on key areas and crucial links, striving for "advanced" technologies to continuously improve the innovation, competitiveness, and overall strength of the manufacturing industry. This includes becoming more technologically advanced by systematically undertaking a number of new national major science and technology projects, implementing a number of landmark major science and technology tasks, promoting the construction of a number of pilot-scale experimental platforms, and achieving more advanced and independent technological routes; becoming more technologically advanced in industrial structure by expanding the incremental growth of emerging industries, cultivating future industrial variables, optimizing the existing stock of traditional industries, and continuously moving towards the high end of the industrial chain and value chain; and becoming more technologically advanced in production methods by adhering to the mutual promotion of pollution reduction and carbon reduction with quality and efficiency improvement, and accelerating the formation of an industrial structure and production methods with high technological content, low resource consumption, and minimal environmental pollution.On September 21, the South Korean presidential office, Cheong Wa Dae, announced that South Korean President Lee Jae-myung will visit the United States and Mexico from September 21 to 27 to attend the United Nations General Assembly and hold a summit with Mexican President Jacques Sinbaum. Lee also seeks to meet with leaders of the United States, Australia, and other countries during the UN General Assembly. The potential meeting with US President Trump comes as Seoul and Washington negotiate details of a $350 billion South Korean investment plan in the US under the trade agreement reached between the two countries last year. South Korean officials stated that negotiations are ongoing, although Seoul postponed a planned briefing to the National Assembly last week regarding the plan. At the UN General Assembly, Lee is scheduled to deliver a keynote address on Tuesday, covering topics such as UN reform. He will also meet with UN Secretary-General António Guterres. Lee will arrive in Mexico City on Wednesday and hold a summit with Sinbaum the following day. The presidential office stated that after the summit, the two leaders will hold a joint press conference and witness the signing of a memorandum of understanding.The China Earthquake Networks Center officially reported that a magnitude 3.0 earthquake occurred at 10:23 a.m. on September 21 in Bange County, Nagqu City, Tibet (31.83 degrees north latitude, 89.18 degrees east longitude), with a focal depth of 10 kilometers.

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.