MNI China Daily Summary: Thursday, April 22

MNI BRIEF: China To Quicken Resolving Local Debt Risks

RPT-MNI INTERVIEW: ECB's Wunsch Sees At Least Two Cuts By Dec

MNI BRIEF: Brazil CenBank Faces Greater Uncertainty - Campos

MNI: PBOC Conducts CNY2 Bln Via OMO Mon; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

EZ/UK T-Bill Calendar: 3/6-Month ATB Auction on Tuesday

EZ/UK Bond Supply Calendar: EU, FI Synds; IT, DE Auctions Tues

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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USD/JPY Sticks To Recent Ranges, Yen Outperforms Firmer USTs

JPY

USD/JPY tracked familiar ranges post the Asia close on Friday. We couldn't get above 140.50, although dips towards 139.70 were supported. We currently track close to NY closing levels from Friday, last around 140.35.

  • The yen was one of the better performers in the G10 space through Friday's session, only outperformed by GBP and NZD.
  • Some carry over from the stronger than expected local CPI print on Friday may have helped, although yield differentials remain in favor of the USD at this stage. The continued move higher in UST yields on Friday didn't shift yen sentiment.
  • The local data calendar just has Tokyo condominium sales today. The focus may rest with local politics following the resignation of the internal affairs minister over the weekend. This is the third minister lost from the current administration in the past month.
  • The resignation is seen as a further blow to Kishida's administration and a distraction from passing further legislation, such as the second supplementary budget, which is aimed at relieving cost of living pressures for households amid higher inflation pressures.
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