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On September 17, Ji Lingpeng, spokesperson for the Chinese Embassy in the Philippines, stated Chinas position on Polands remarks regarding the South China Sea issue. Question: Polish State Secretary Bartoszewski recently stated in an interview with Philippine media that China has an obligation to abide by the 2016 South China Sea Arbitration Award, and that Poland supports the Philippines on this issue. What is Chinas comment on this? Answer: Chinas position on the South China Sea Arbitration is consistent and clear. The South China Sea Arbitration violates fundamental principles of international law such as "state consent" and "agreements must be observed," violates the United Nations Convention on the Law of the Sea itself, and contradicts basic facts about the South China Sea. The so-called "award" is an illegal, invalid, and unbinding piece of paper. China does not accept or recognize the "award," and opposes and does not accept any claims or actions based on the "award." Poland is not a party to the South China Sea issue. We urge Poland to earnestly respect Chinas territorial sovereignty and maritime rights in the South China Sea, exercise caution in its words and actions, and cease endorsing the illegal "award."EU spokesperson: (in response to US President Trumps tariff threats) The proposal to strengthen partnership with Canada is not directed against anyone else, but for our common interests.Spains labor costs rose 4% year-on-year in the second quarter, up from 4.90% in the previous quarter.As of 3:00 PM Beijing time, spot platinum rose 1.82% and spot palladium rose 1.60%.At midday closing, most domestic futures contracts declined, with benzene hitting its daily limit down, SC crude oil falling over 6%, styrene (EB) down over 5%, fuel oil down over 4%, liquefied petroleum gas (LPG) and paraxylene down over 3%, and apple and low-sulfur fuel oil (LU) down over 2%. On the upside, container shipping to Europe rose over 8%, lithium carbonate rose nearly 4%, rapeseed meal rose nearly 3%, plywood rose over 2%, Shanghai lead and rapeseed rose nearly 2%, and Shanghai tin and nickel rose over 1%.

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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