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On July 22, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, met with Indian Foreign Minister S. Jaishankar in Manila. Wang Yi stated that China is willing to work with India to implement the important consensus reached by the leaders of the two countries, maintain close high-level exchanges, strengthen cooperation in areas such as trade, media, and people-to-people exchanges, properly handle sensitive issues, promote a correct mutual understanding among all sectors and peoples of the two countries, and explore a correct path for neighboring major powers to coexist peacefully, based on mutual respect, mutual trust, common development, and common prosperity, thus continuously injecting new impetus into China-India relations. This year and next, India and China will successively assume the rotating chair of BRICS. Both sides should strengthen coordination and cooperation to promote the development and expansion of the "Greater BRICS Cooperation" mechanism, better representing and safeguarding the common interests of developing countries. China will continue to support India in successfully hosting this years BRICS Summit.The German DAX 30 index closed up 167.79 points, or 0.67%, at 25,160.16 on Wednesday, July 22; the UK FTSE 100 index closed up 127.96 points, or 1.21%, at 10,713.87 on Wednesday, July 22; and the French CAC 40 index closed up 74.75 points, or 0.89%, at 8,437.89 on Wednesday, July 22. The Stoxx 50 index closed up 32.62 points, or 0.52%, at 6318.25 on Wednesday, July 22; the Spanish IBEX 35 index closed up 190.82 points, or 0.98%, at 19569.62 on Wednesday, July 22; and the Italian FTSE MIB index closed up 499.91 points, or 0.96%, at 52785.00 on Wednesday, July 22.U.S. Trade Representative Greer: Negotiations for the U.S.-Mexico-Canada Agreement (USMCA) may continue into next year.U.S. Treasury Secretary Bessant: The Treasury Department is reviewing some "Wall Street tax products".Fitch: Frontier markets withstood the test of energy price volatility.

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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