The Visayan Forex Academy

11/08/2022

𝐁𝐚𝐧𝐤 𝐨𝐟 𝐉𝐚𝐩𝐚𝐧'𝐬 𝐝𝐞𝐩𝐮𝐭𝐲 𝐜𝐡𝐢𝐞𝐟 𝐞𝐱𝐩𝐞𝐜𝐭𝐬 𝐬𝐭𝐫𝐨𝐧𝐠𝐞𝐫 𝐰𝐚𝐠𝐞 𝐠𝐫𝐨𝐰𝐭𝐡 𝐧𝐞𝐱𝐭 𝐲𝐞𝐚𝐫

𝐁𝐚𝐧𝐤 𝐨𝐟 𝐉𝐚𝐩𝐚𝐧 𝐛𝐨𝐚𝐫𝐝 𝐦𝐞𝐦𝐛𝐞𝐫𝐬 𝐡𝐚𝐯𝐞 𝐢𝐧𝐜𝐫𝐞𝐚𝐬𝐢𝐧𝐠𝐥𝐲 𝐡𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐞𝐝 𝐭𝐡𝐞 𝐧𝐞𝐞𝐝 𝐟𝐨𝐫 𝐡𝐢𝐠𝐡𝐞𝐫 𝐩𝐚𝐲 𝐢𝐧𝐜𝐫𝐞𝐚𝐬𝐞𝐬 𝐬𝐢𝐧𝐜𝐞 𝐢𝐧𝐟𝐥𝐚𝐭𝐢𝐨𝐧 𝐟𝐢𝐫𝐬𝐭 𝐭𝐨𝐩𝐩𝐞𝐝 𝐭𝐡𝐞 𝐛𝐚𝐧𝐤’𝐬 𝟐% 𝐭𝐚𝐫𝐠𝐞𝐭 𝐢𝐧 𝐀𝐩𝐫𝐢𝐥 𝐝𝐮𝐞 𝐭𝐨 𝐬𝐨𝐚𝐫𝐢𝐧𝐠 𝐞𝐧𝐞𝐫𝐠𝐲 𝐚𝐧𝐝 𝐜𝐨𝐦𝐦𝐨𝐝𝐢𝐭𝐲 𝐩𝐫𝐢𝐜𝐞𝐬, 𝐚𝐧𝐝 𝐚 𝐰𝐞𝐚𝐤 𝐲𝐞𝐧. | 𝐑𝐄𝐔𝐓𝐄𝐑𝐒

𝐁𝐚𝐧𝐤 𝐨𝐟 𝐉𝐚𝐩𝐚𝐧 𝐃𝐞𝐩𝐮𝐭𝐲 𝐆𝐨𝐯. 𝐌𝐚𝐬𝐚𝐲𝐨𝐬𝐡𝐢 𝐀𝐦𝐚𝐦𝐢𝐲𝐚, 𝐨𝐧𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐭𝐰𝐨 𝐥𝐞𝐚𝐝𝐢𝐧𝐠 𝐜𝐚𝐧𝐝𝐢𝐝𝐚𝐭𝐞𝐬 𝐭𝐨 𝐛𝐞𝐜𝐨𝐦𝐞 𝐭𝐡𝐞 𝐧𝐞𝐱𝐭 𝐁𝐎𝐉 𝐜𝐡𝐢𝐞𝐟, 𝐬𝐚𝐲𝐬 𝐡𝐞 𝐬𝐞𝐞𝐬 𝐰𝐚𝐠𝐞 𝐠𝐚𝐢𝐧𝐬 𝐠𝐞𝐭𝐭𝐢𝐧𝐠 𝐬𝐭𝐫𝐨𝐧𝐠𝐞𝐫 𝐟𝐫𝐨𝐦 𝐧𝐞𝐱𝐭 𝐲𝐞𝐚𝐫, 𝐚 𝐜𝐨𝐦𝐦𝐞𝐧𝐭 𝐭𝐡𝐚𝐭 𝐢𝐬 𝐥𝐢𝐤𝐞𝐥𝐲 𝐭𝐨 𝐤𝐞𝐞𝐩 𝐬𝐩𝐞𝐜𝐮𝐥𝐚𝐭𝐢𝐨𝐧 𝐬𝐦𝐨𝐥𝐝𝐞𝐫𝐢𝐧𝐠 𝐨𝐟 𝐩𝐨𝐥𝐢𝐜𝐲 𝐚𝐝𝐣𝐮𝐬𝐭𝐦𝐞𝐧𝐭𝐬 𝐚𝐟𝐭𝐞𝐫 𝐇𝐚𝐫𝐮𝐡𝐢𝐤𝐨 𝐊𝐮𝐫𝐨𝐝𝐚 𝐬𝐭𝐞𝐩𝐬 𝐝𝐨𝐰𝐧.

“𝐈𝐭 𝐢𝐬 𝐰𝐨𝐫𝐭𝐡 𝐦𝐞𝐧𝐭𝐢𝐨𝐧𝐢𝐧𝐠 𝐭𝐡𝐚𝐭 𝐟𝐮𝐫𝐭𝐡𝐞𝐫 𝐢𝐧𝐜𝐫𝐞𝐚𝐬𝐞𝐬 𝐢𝐧 𝐰𝐚𝐠𝐞𝐬, 𝐢𝐧𝐜𝐥𝐮𝐝𝐢𝐧𝐠 𝐛𝐚𝐬𝐞 𝐩𝐚𝐲, 𝐜𝐚𝐧 𝐛𝐞 𝐞𝐱𝐩𝐞𝐜𝐭𝐞𝐝 𝐟𝐫𝐨𝐦 𝐭𝐡𝐞 𝐧𝐞𝐱𝐭 𝐟𝐢𝐬𝐜𝐚𝐥 𝐲𝐞𝐚𝐫 𝐨𝐧𝐰𝐚𝐫𝐝,” 𝐀𝐦𝐚𝐦𝐢𝐲𝐚 𝐬𝐚𝐢𝐝 𝐢𝐧 𝐚 𝐬𝐩𝐞𝐞𝐜𝐡 𝐓𝐡𝐮𝐫𝐬𝐝𝐚𝐲. “𝐔𝐧𝐝𝐞𝐫 𝐭𝐡𝐞𝐬𝐞 𝐜𝐢𝐫𝐜𝐮𝐦𝐬𝐭𝐚𝐧𝐜𝐞𝐬, 𝐭𝐨𝐠𝐞𝐭𝐡𝐞𝐫 𝐰𝐢𝐭𝐡 𝐚 𝐝𝐞𝐜𝐥𝐢𝐧𝐞 𝐢𝐧 𝐭𝐡𝐞 𝐢𝐧𝐟𝐥𝐚𝐭𝐢𝐨𝐧 𝐫𝐚𝐭𝐞, 𝐰𝐚𝐠𝐞 𝐠𝐫𝐨𝐰𝐭𝐡 𝐢𝐬 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐞𝐝 𝐭𝐨 𝐞𝐱𝐜𝐞𝐞𝐝 𝐂𝐏𝐈 𝐢𝐧𝐟𝐥𝐚𝐭𝐢𝐨𝐧.”

𝐓𝐚𝐥𝐤𝐢𝐧𝐠 𝐣𝐮𝐬𝐭 𝐚 𝐦𝐚𝐭𝐭𝐞𝐫 𝐨𝐟 𝐡𝐨𝐮𝐫𝐬 𝐚𝐟𝐭𝐞𝐫 𝐭𝐡𝐞 𝐔.𝐒. 𝐅𝐞𝐝𝐞𝐫𝐚𝐥 𝐑𝐞𝐬𝐞𝐫𝐯𝐞 𝐫𝐚𝐢𝐬𝐞𝐝 𝐢𝐧𝐭𝐞𝐫𝐞𝐬𝐭 𝐫𝐚𝐭𝐞𝐬 𝐛𝐲 𝐭𝐡𝐫𝐞𝐞-𝐪𝐮𝐚𝐫𝐭𝐞𝐫𝐬 𝐨𝐟 𝐚 𝐩𝐞𝐫𝐜𝐞𝐧𝐭𝐚𝐠𝐞 𝐩𝐨𝐢𝐧𝐭, 𝐀𝐦𝐚𝐦𝐢𝐲𝐚 𝐩𝐥𝐞𝐝𝐠𝐞𝐝 𝐭𝐨 “𝐬𝐭𝐞𝐚𝐝𝐟𝐚𝐬𝐭𝐥𝐲” 𝐜𝐨𝐧𝐭𝐢𝐧𝐮𝐞 𝐰𝐢𝐭𝐡 𝐦𝐨𝐧𝐞𝐭𝐚𝐫𝐲 𝐞𝐚𝐬𝐢𝐧𝐠 𝐰𝐢𝐭𝐡 𝐥𝐢𝐭𝐭𝐥𝐞 𝐡𝐢𝐧𝐭 𝐨𝐟 𝐚𝐧𝐲 𝐢𝐦𝐦𝐞𝐝𝐢𝐚𝐭𝐞 𝐩𝐨𝐥𝐢𝐜𝐲 𝐜𝐡𝐚𝐧𝐠𝐞 𝐭𝐨 𝐜𝐨𝐦𝐞 𝐢𝐧 𝐉𝐚𝐩𝐚𝐧.

𝐒𝐭𝐢𝐥𝐥, 𝐭𝐡𝐞 𝐜𝐨𝐦𝐦𝐞𝐧𝐭𝐬 𝐚𝐝𝐝 𝐭𝐨 𝐬𝐢𝐠𝐧𝐬 𝐭𝐡𝐚𝐭 𝐭𝐡𝐞 𝐛𝐚𝐧𝐤 𝐬𝐞𝐞𝐬 𝐩𝐫𝐨𝐠𝐫𝐞𝐬𝐬 𝐨𝐧 𝐰𝐚𝐠𝐞 𝐠𝐫𝐨𝐰𝐭𝐡, 𝐚 𝐤𝐞𝐲 𝐟𝐚𝐜𝐭𝐨𝐫 𝐟𝐨𝐫 𝐬𝐮𝐩𝐩𝐨𝐫𝐭𝐢𝐧𝐠 𝐬𝐮𝐬𝐭𝐚𝐢𝐧𝐚𝐛𝐥𝐞 𝐢𝐧𝐟𝐥𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐩𝐨𝐥𝐢𝐜𝐲 𝐜𝐡𝐚𝐧𝐠𝐞. 𝐁𝐎𝐉 𝐛𝐨𝐚𝐫𝐝 𝐦𝐞𝐦𝐛𝐞𝐫𝐬 𝐡𝐚𝐯𝐞 𝐢𝐧𝐜𝐫𝐞𝐚𝐬𝐢𝐧𝐠𝐥𝐲 𝐡𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐞𝐝 𝐭𝐡𝐞 𝐧𝐞𝐞𝐝 𝐟𝐨𝐫 𝐡𝐢𝐠𝐡𝐞𝐫 𝐩𝐚𝐲 𝐢𝐧𝐜𝐫𝐞𝐚𝐬𝐞𝐬 𝐬𝐢𝐧𝐜𝐞 𝐢𝐧𝐟𝐥𝐚𝐭𝐢𝐨𝐧 𝐟𝐢𝐫𝐬𝐭 𝐭𝐨𝐩𝐩𝐞𝐝 𝐭𝐡𝐞 𝐛𝐚𝐧𝐤’𝐬 𝟐% 𝐭𝐚𝐫𝐠𝐞𝐭 𝐢𝐧 𝐀𝐩𝐫𝐢𝐥 𝐝𝐮𝐞 𝐭𝐨 𝐬𝐨𝐚𝐫𝐢𝐧𝐠 𝐞𝐧𝐞𝐫𝐠𝐲 𝐚𝐧𝐝 𝐜𝐨𝐦𝐦𝐨𝐝𝐢𝐭𝐲 𝐩𝐫𝐢𝐜𝐞𝐬, 𝐚𝐧𝐝 𝐚 𝐰𝐞𝐚𝐤 𝐲𝐞𝐧.

𝐁𝐲 𝐟𝐥𝐚𝐠𝐠𝐢𝐧𝐠 𝐭𝐡𝐚𝐭 𝐫𝐞𝐚𝐥 𝐰𝐚𝐠𝐞𝐬 𝐰𝐨𝐮𝐥𝐝 𝐠𝐫𝐨𝐰 𝐩𝐚𝐫𝐭𝐥𝐲 𝐝𝐮𝐞 𝐭𝐨 𝐚 𝐰𝐞𝐚𝐤𝐞𝐧𝐢𝐧𝐠 𝐨𝐟 𝐢𝐧𝐟𝐥𝐚𝐭𝐢𝐨𝐧, 𝐀𝐦𝐚𝐦𝐢𝐲𝐚 𝐚𝐥𝐬𝐨 𝐩𝐫𝐨𝐯𝐢𝐝𝐞𝐝 𝐚 𝐡𝐞𝐝𝐠𝐞 𝐟𝐨𝐫 𝐰𝐡𝐲 𝐭𝐡𝐞 𝐁𝐎𝐉 𝐦𝐢𝐠𝐡𝐭 𝐬𝐭𝐢𝐥𝐥 𝐬𝐭𝐢𝐜𝐤 𝐰𝐢𝐭𝐡 𝐞𝐚𝐬𝐢𝐧𝐠 𝐞𝐯𝐞𝐧 𝐰𝐢𝐭𝐡 𝐛𝐢𝐠𝐠𝐞𝐫 𝐩𝐚𝐲 𝐠𝐚𝐢𝐧𝐬. 𝐓𝐡𝐞 𝐜𝐨𝐦𝐦𝐞𝐧𝐭 𝐦𝐚𝐲 𝐚𝐥𝐬𝐨 𝐡𝐚𝐯𝐞 𝐛𝐞𝐞𝐧 𝐢𝐧𝐭𝐞𝐧𝐝𝐞𝐝 𝐭𝐨 𝐫𝐞𝐚𝐬𝐬𝐮𝐫𝐞 𝐭𝐡𝐞 𝐩𝐮𝐛𝐥𝐢𝐜 𝐭𝐡𝐚𝐭 𝐫𝐞𝐚𝐥 𝐬𝐩𝐞𝐧𝐝𝐢𝐧𝐠 𝐩𝐨𝐰𝐞𝐫 𝐰𝐢𝐥𝐥 𝐢𝐦𝐩𝐫𝐨𝐯𝐞 𝐚𝐟𝐭𝐞𝐫 𝐭𝐡𝐞 𝐢𝐧𝐢𝐭𝐢𝐚𝐥 𝐩𝐚𝐢𝐧 𝐨𝐟 𝐢𝐧𝐟𝐥𝐚𝐭𝐢𝐨𝐧 𝐭𝐡𝐢𝐬 𝐲𝐞𝐚𝐫.

𝐉𝐚𝐩𝐚𝐧’𝐬 𝐫𝐞𝐚𝐥 𝐰𝐚𝐠𝐞𝐬 𝐟𝐞𝐥𝐥 𝐢𝐧 𝐭𝐡𝐞 𝐭𝐰𝐨 𝐦𝐨𝐧𝐭𝐡𝐬 𝐭𝐡𝐫𝐨𝐮𝐠𝐡 𝐌𝐚𝐲 𝐞𝐯𝐞𝐧 𝐰𝐢𝐭𝐡 𝐢𝐧𝐟𝐥𝐚𝐭𝐢𝐨𝐧 𝐚𝐫𝐨𝐮𝐧𝐝 𝐭𝐡𝐞 𝟐% 𝐦𝐚𝐫𝐤, 𝐟𝐚𝐫 𝐛𝐞𝐥𝐨𝐰 𝐭𝐡𝐞 𝐥𝐞𝐯𝐞𝐥𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐔𝐒 𝐚𝐧𝐝 𝐄𝐮𝐫𝐨𝐩𝐞.

𝐎𝐟𝐟𝐞𝐫𝐢𝐧𝐠 𝐚𝐧𝐨𝐭𝐡𝐞𝐫 𝐡𝐢𝐧𝐭 𝐭𝐡𝐚𝐭 𝐩𝐨𝐥𝐢𝐜𝐲 𝐜𝐡𝐚𝐧𝐠𝐞 𝐰𝐚𝐬 𝐧𝐨𝐭 𝐨𝐧 𝐭𝐡𝐞 𝐡𝐨𝐫𝐢𝐳𝐨𝐧 𝐰𝐡𝐢𝐥𝐞 𝐊𝐮𝐫𝐨𝐝𝐚 𝐢𝐬 𝐚𝐫𝐨𝐮𝐧𝐝, 𝐀𝐦𝐚𝐦𝐢𝐲𝐚 𝐬𝐚𝐢𝐝 𝐚𝐜𝐡𝐢𝐞𝐯𝐢𝐧𝐠 𝐭𝐡𝐞 𝐁𝐎𝐉’𝐬 𝐩𝐫𝐢𝐜𝐞 𝐭𝐚𝐫𝐠𝐞𝐭 𝐝𝐨𝐞𝐬 𝐧𝐨𝐭 𝐦𝐞𝐚𝐧 𝐭𝐞𝐦𝐩𝐨𝐫𝐚𝐫𝐢𝐥𝐲 𝐫𝐞𝐚𝐜𝐡𝐢𝐧𝐠 𝐭𝐡𝐞 𝐥𝐞𝐯𝐞𝐥 𝐝𝐮𝐞 𝐭𝐨 𝐨𝐧𝐞-𝐨𝐟𝐟 𝐟𝐚𝐜𝐭𝐨𝐫𝐬 𝐬𝐮𝐜𝐡 𝐚𝐬 𝐞𝐧𝐞𝐫𝐠𝐲 𝐛𝐮𝐭 𝐫𝐚𝐭𝐡𝐞𝐫 𝐦𝐞𝐚𝐧𝐭 𝐢𝐧𝐟𝐥𝐚𝐭𝐢𝐨𝐧 𝐚𝐯𝐞𝐫𝐚𝐠𝐢𝐧𝐠 𝐭𝐡𝐚𝐭 𝐥𝐞𝐯𝐞𝐥 𝐨𝐯𝐞𝐫 𝐭𝐡𝐞 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐜𝐲𝐜𝐥𝐞.

“𝐅𝐫𝐨𝐦 𝐭𝐡𝐢𝐬 𝐩𝐞𝐫𝐬𝐩𝐞𝐜𝐭𝐢𝐯𝐞, 𝐢𝐭 𝐢𝐬 𝐧𝐞𝐜𝐞𝐬𝐬𝐚𝐫𝐲 𝐭𝐨 𝐞𝐱𝐚𝐦𝐢𝐧𝐞 𝐭𝐡𝐞 𝐬𝐮𝐬𝐭𝐚𝐢𝐧𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝐨𝐟 𝐩𝐫𝐢𝐜𝐞 𝐢𝐧𝐜𝐫𝐞𝐚𝐬𝐞𝐬 𝐛𝐲 𝐜𝐨𝐦𝐩𝐫𝐞𝐡𝐞𝐧𝐬𝐢𝐯𝐞𝐥𝐲 𝐚𝐬𝐬𝐞𝐬𝐬𝐢𝐧𝐠 𝐭𝐡𝐞 𝐨𝐮𝐭𝐥𝐨𝐨𝐤 𝐟𝐨𝐫 𝐩𝐫𝐢𝐜𝐞𝐬, 𝐚𝐬 𝐰𝐞𝐥𝐥 𝐚𝐬 𝐭𝐡𝐞 𝐮𝐧𝐝𝐞𝐫𝐥𝐲𝐢𝐧𝐠 𝐨𝐮𝐭𝐩𝐮𝐭 𝐠𝐚𝐩, 𝐦𝐞𝐝𝐢𝐮𝐦-𝐭𝐨 𝐥𝐨𝐧𝐠-𝐭𝐞𝐫𝐦 𝐢𝐧𝐟𝐥𝐚𝐭𝐢𝐨𝐧 𝐞𝐱𝐩𝐞𝐜𝐭𝐚𝐭𝐢𝐨𝐧𝐬, 𝐚𝐧𝐝 𝐰𝐚𝐠𝐞 𝐝𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬,” 𝐀𝐦𝐚𝐦𝐢𝐲𝐚 𝐬𝐚𝐢𝐝.

𝐅𝐨𝐥𝐥𝐨𝐰𝐢𝐧𝐠 𝐭𝐡𝐞 𝐅𝐞𝐝 𝐝𝐞𝐜𝐢𝐬𝐢𝐨𝐧 𝐚𝐧𝐝 𝐬𝐢𝐠𝐧𝐬 𝐨𝐟 𝐜𝐚𝐮𝐭𝐢𝐨𝐧 𝐨𝐯𝐞𝐫 𝐚 𝐛𝐫𝐨𝐚𝐝𝐞𝐧𝐢𝐧𝐠 𝐞𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐬𝐥𝐨𝐰𝐝𝐨𝐰𝐧, 𝐁𝐚𝐫𝐜𝐥𝐚𝐲𝐬 𝐩𝐮𝐬𝐡𝐞𝐝 𝐛𝐚𝐜𝐤 𝐭𝐡𝐞𝐢𝐫 𝐜𝐚𝐥𝐥 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐭𝐢𝐦𝐢𝐧𝐠 𝐨𝐟 𝐁𝐎𝐉’𝐬 𝐩𝐨𝐥𝐢𝐜𝐲 𝐚𝐝𝐣𝐮𝐬𝐭𝐦𝐞𝐧𝐭𝐬 𝐟𝐫𝐨𝐦 𝐒𝐞𝐩𝐭𝐞𝐦𝐛𝐞𝐫, 𝐣𝐨𝐢𝐧𝐢𝐧𝐠 𝐌𝐨𝐫𝐠𝐚𝐧 𝐒𝐭𝐚𝐧𝐥𝐞𝐲 𝐚𝐧𝐝 𝐂𝐢𝐭𝐢𝐠𝐫𝐨𝐮𝐩 𝐢𝐧 𝐩𝐨𝐬𝐭𝐩𝐨𝐧𝐢𝐧𝐠 𝐭𝐡𝐞𝐢𝐫 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭𝐬 𝐟𝐨𝐫 𝐩𝐨𝐥𝐢𝐜𝐲 𝐭𝐰𝐞𝐚𝐤𝐬.

𝐊𝐮𝐫𝐨𝐝𝐚 𝐥𝐚𝐬𝐭 𝐰𝐞𝐞𝐤 𝐬𝐚𝐢𝐝 𝐡𝐞 𝐡𝐚𝐬 𝐧𝐨 𝐢𝐧𝐭𝐞𝐧𝐭𝐢𝐨𝐧 “𝐚𝐭 𝐚𝐥𝐥” 𝐭𝐨 𝐫𝐚𝐢𝐬𝐞 𝐫𝐚𝐭𝐞𝐬, 𝐩𝐫𝐨𝐦𝐩𝐭𝐢𝐧𝐠 𝐆𝐨𝐥𝐝𝐦𝐚𝐧 𝐒𝐚𝐜𝐡𝐬 𝐭𝐨 𝐬𝐚𝐲 𝐭𝐡𝐞 𝐟𝐨𝐜𝐮𝐬 𝐦𝐮𝐬𝐭 𝐧𝐨𝐰 𝐬𝐰𝐢𝐭𝐜𝐡 𝐭𝐨 𝐭𝐡𝐞 𝐩𝐨𝐥𝐢𝐜𝐲 𝐩𝐚𝐭𝐡 𝐮𝐧𝐝𝐞𝐫 𝐭𝐡𝐞 𝐧𝐞𝐱𝐭 𝐠𝐨𝐯𝐞𝐫𝐧𝐨𝐫.

𝐀𝐦𝐚𝐦𝐢𝐲𝐚 𝐢𝐬 𝐭𝐡𝐞 𝐦𝐨𝐬𝐭 𝐩𝐨𝐩𝐮𝐥𝐚𝐫 𝐩𝐢𝐜𝐤 𝐚𝐦𝐨𝐧𝐠 𝐁𝐎𝐉 𝐰𝐚𝐭𝐜𝐡𝐞𝐫𝐬 𝐭𝐨 𝐬𝐮𝐜𝐜𝐞𝐞𝐝 𝐊𝐮𝐫𝐨𝐝𝐚 𝐢𝐧 𝐀𝐩𝐫𝐢𝐥, 𝐜𝐥𝐨𝐬𝐞𝐥𝐲 𝐟𝐨𝐥𝐥𝐨𝐰𝐞𝐝 𝐛𝐲 𝐇𝐢𝐫𝐨𝐬𝐡𝐢 𝐍𝐚𝐤𝐚𝐬𝐨, 𝐚 𝐟𝐨𝐫𝐦𝐞𝐫 𝐁𝐎𝐉 𝐝𝐞𝐩𝐮𝐭𝐲 𝐜𝐡𝐢𝐞𝐟. 𝐀𝐦𝐚𝐦𝐢𝐲𝐚 𝐢𝐬 𝐬𝐞𝐞𝐧 𝐚𝐬 𝐚 𝐤𝐞𝐲 𝐩𝐨𝐥𝐢𝐜𝐲 𝐚𝐫𝐜𝐡𝐢𝐭𝐞𝐜𝐭 𝐰𝐡𝐨 𝐡𝐚𝐬 𝐜𝐥𝐨𝐬𝐞𝐥𝐲 𝐬𝐞𝐫𝐯𝐞𝐝 𝐊𝐮𝐫𝐨𝐝𝐚 𝐭𝐡𝐫𝐨𝐮𝐠𝐡𝐨𝐮𝐭 𝐡𝐢𝐬 𝐝𝐞𝐜𝐚𝐝𝐞𝐥𝐨𝐧𝐠 𝐬𝐭𝐢𝐧𝐭 𝐚𝐧𝐝 𝐢𝐬 𝐤𝐧𝐨𝐰𝐧 𝐟𝐨𝐫 𝐡𝐢𝐬 𝐟𝐥𝐞𝐱𝐢𝐛𝐢𝐥𝐢𝐭𝐲 𝐢𝐧 𝐥𝐞𝐚𝐝𝐢𝐧𝐠 𝐭𝐡𝐞 𝐭𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐟𝐫𝐨𝐦 𝐭𝐡𝐞 𝐩𝐫𝐞𝐯𝐢𝐨𝐮𝐬 𝐠𝐨𝐯𝐞𝐫𝐧𝐨𝐫.

13/07/2022

𝐎𝐢𝐥 𝐄𝐱𝐭𝐞𝐧𝐝𝐬 𝐋𝐨𝐬𝐬𝐞𝐬 𝐀𝐟𝐭𝐞𝐫 𝐓𝐮𝐦𝐛𝐥𝐢𝐧𝐠 𝐁𝐞𝐥𝐨𝐰 $𝟏𝟎𝟎 𝐨𝐧 𝐃𝐞𝐦𝐚𝐧𝐝 𝐂𝐨𝐧𝐜𝐞𝐫𝐧𝐬

• Oil extended losses below $100 a barrel as escalating fears about an economic slowdown rippled through global markets.
• West Texas Intermediate futures fell for a third session to its lowest level in three months, after plunging 8% on Tuesday. US inflation data for June is due Wednesday and economists project it surged to a fresh pandemic peak that will keep the Federal Reserve geared for another big interest-rate hike.
• Oil has given up the bulk of its gains seen in the wake of Russia’s invasion of Ukraine, which drove prices above $130 a barrel in March. A stronger dollar and China’s rising Covid cases have added to the pressure. The International Energy Agency will provide its snapshot of the market later Wednesday.
• Concerns over an economic slowdown have overshadowed tight physical crude markets. OPEC’s first outlook for 2023 suggests that there will be no relief for squeezed consumers, with more oil needed from the group even though most members are already pumping flat out.
• US President Joe Biden has repeatedly called on OPEC to pump more and is scheduled to visit Saudi Arabia this week during a tour of the Middle East. The kingdom along with the United Arab Emirates are the only cartel members with significant volumes of unused production capacity.
• The American Petroleum Institute reported that US crude stockpiles rose by 4.76 million barrels last week, according to people familiar with the figures. The Energy Information Administration will report data on Wednesday.
• On the demand side, renewed COVID-19 travel curbs in China also weighed on the market as multiple cities in the world’s second-largest economy have adopted fresh restrictions to rein in new infections from a highly infectious subvariant of the virus.
• The Organization of the Petroleum Exporting (OPEC) expected that global oil demand would rise in 2023 and the market could remain tight. It said that its members need to have an additional 900,000 bpd of oil to meet the need in 2023 from 2022.
• Tuesday’s U.S. crude supply data from the American Petroleum Institute showed a build of 4.762 million barrels for the week ended July 8.
• Investors now await crude supply data from the U.S. Energy Information Administration, due later in the day.

08/07/2022

𝐃𝐨𝐥𝐥𝐚𝐫 𝐥𝐢𝐭𝐭𝐥𝐞 𝐜𝐡𝐚𝐧𝐠𝐞𝐝 𝐚𝐬 𝐭𝐫𝐚𝐝𝐞𝐫𝐬 𝐚𝐰𝐚𝐢𝐭 𝐤𝐞𝐲 𝐔.𝐒. 𝐝𝐚𝐭𝐚

• The dollar was little changed after the euro briefly slid to a new two-decade low on Thursday, and sterling held to gains after Boris Johnson said he was quitting as British prime minister.
• Investors await U.S. jobs data on Friday and the consumer price index next week, which should signal the pace of inflation and whether the Federal Reserve continues to aggressively hike interest rates when policymakers next meet on July 26-27.
• "What's being priced into the July Fed meeting is predicated on that inflation print coming in reasonably elevated. We suspect that it will," said Bipan Rai, North America head of FX strategy at CIBC Capital Markets in Toronto.
• The strength of non-farm payrolls on Friday should also point to how fast wages are rising, while the Fed doesn't appear to be as encumbered as other major central banks, he said.
• "To us that suggests the U.S. dollar is still going to be the currency that outperforms," Rai said.

07/07/2022

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29/06/2022

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27/06/2022

𝐎𝐢𝐥 𝐬𝐥𝐢𝐝𝐞𝐬 𝐦𝐨𝐫𝐞 𝐭𝐡𝐚𝐧 $𝟏 𝐚𝐬 𝐆𝟕 𝐝𝐞𝐛𝐚𝐭𝐞 𝐈𝐫𝐚𝐧 𝐧𝐮𝐜𝐥𝐞𝐚𝐫 𝐝𝐞𝐚𝐥, 𝐑𝐮𝐬𝐬𝐢𝐚

• Oil prices slipped more than $1 a barrel on Monday as global economic concerns depressed the oil demand outlook while investors eyed the G7 meeting this week for possible moves on Russian oil exports and a revival of the Iran nuclear deal.
• Both contracts posted their second weekly decline last week as interest rate hikes in key economies strengthened the dollar and fanned recession fear. However, oil prices remained well supported above $100 a barrel as crude and oil products supplies remained tight after Western sanctions kept Russian oil out of reach for some buyers.
• Leaders of the Group of Seven (G7) rich nations are expected to discuss this week options for tackling rising energy prices and replacing Russian oil and gas imports, as well as further sanctions that do not exacerbate inflation.
• These measures include a possible price cap on Russian crude and oil products exports aimed at curbing Russia's revenue while reducing the damage to other economies.
• G7 will also discuss the prospect of reviving the Iran nuclear talks after the European Union's foreign policy chief met senior officials in Tehran to try to unblock the stalled negotiations, a French presidency official said on Sunday.
• There's still nothing stopping Russia from banning oil and refined product exports to G7 economies in response to a price cap, exacerbating shortage conditions in global oil and refined product markets.

27/06/2022

24/06/2022

𝐔.𝐒. 𝐭𝐨 𝐜𝐚𝐧𝐜𝐞𝐥 $𝟔 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝐬𝐭𝐮𝐝𝐞𝐧𝐭 𝐥𝐨𝐚𝐧𝐬 𝐟𝐨𝐫 𝟐𝟎𝟎,𝟎𝟎𝟎 𝐝𝐞𝐟𝐫𝐚𝐮𝐝𝐞𝐝 𝐛𝐨𝐫𝐫𝐨𝐰𝐞𝐫𝐬.

WASHINGTON (Reuters) -The United States will cancel $6 billion in student loans for 200,000 borrowers who claimed they were defrauded by their colleges, the administration of U.S. President Joe Biden said.

A settlement agreement between the borrowers and the U.S. Department of Education was filed with the U.S. District Court for the Northern District of California on Wednesday and must be approved by a federal judge.

Student debt cancellation has become a priority for many liberals and one that could shore up popularity with younger and more highly-educated voters, who lean Democratic, before November's midterm congressional elections.

About 43 million Americans have federal student loan debt, according to educationdata.org.

The loans of those borrowers will be fully eliminated, and any payments they made will be refunded, according to the court filing of the settlement deal.

The lawsuit from borrowers had accused the administrations of Biden and former President Donald Trump of illegally delaying for years any action on the applications that borrowers had filed with the Education Department seeking debt relief.

In a statement on Thursday, Education Secretary Miguel Cardona described the settlement as "fair and equitable for all parties" and said it will deliver "billions of dollars of automatic relief" to the 200,000 borrowers.

The Project on Predatory Student Lending, which represents students across the U.S. in fighting against student debt, described the settlement as "momentous."

The Biden administration had previously approved $25 billion in student debt forgiveness for about 1.3 million borrowers.

The administration had been reluctant to unilaterally make an unprecedented cancellation of college debt owned by the U.S. government. The president had instead earlier asked Congress to pass a bill forgiving debt that he could sign.

23/06/2022

𝐀𝐔𝐃/𝐔𝐒𝐃 𝐝𝐫𝐨𝐩𝐬 𝐛𝐞𝐥𝐨𝐰 𝟎.𝟔𝟗𝟎𝟎 𝐚𝐬 𝐫𝐢𝐬𝐤-𝐨𝐟𝐟 𝐟𝐥𝐨𝐰𝐬 𝐫𝐞𝐭𝐮𝐫𝐧.

AUD/USD is dropping below 0.6900, as the US dollar catches a fresh bid amid dwindling market sentiment. Fed Powell’s testimony and lingering recession fears dent risk appetite. Aussie PMIs came in mixed for June. US PMIs awaited.

𝐊𝐄𝐘 𝐏𝐎𝐈𝐍𝐓𝐒:

• Australia does not look good
• Growing interest rate advantage of the USD over the AUD
• Australia to experience stubbornly high inflation and aggressive interest rate hiking cycle
• The world's biggest port is closed, Australia is not immune
• Australia aligns more closely with USA, sanctions against China not seen favourably
• RBA pricing for a hike is too hawkish
• Current expectations for 90bp of tightening in 2022 should be gradually scaled back
• RBA Board prepared to be patient
• China’s property sector to experience a massive hangover, hurting Australian economic model
• Tidal wave of Chinese debt to sink Australia’s economic recovery
• RBA Governor Lowe confirms COVID-19 toll on economy
• A lesson from the RBA, taper yes, dovish no
• Flatter yield spread between Australian and US government bonds

21/06/2022

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16/05/2022

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07/04/2022

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