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Market Recap

I have to admit, as an  American citizen, Im more interested in what went on in the US overnight than I am in the FX market this morning. Its incredible to see a former US president accused of making off with toplevel nuclear secrets.

Whats even more amazing is to see other politicians of his party supporting this person and not defending the country that they allegedly work for. This is the stuff of Netflix dramas, not real life.

Speaking of incredible comments from leaders, Reuters reports that Japan PM Kishida is going to order his government to come up with ways to cushion the impact of rising energy food prices on the longsuffering Japanese populace. I will order additional, seamless steps to be taken focusing on energy and food prices, which make up most of the recent rise in inflation, Kishida told reporters. With an inflation rate of 2.4 yoy expected to rise to 2.6 in next weeks announcement see todays Weekly Outlook, Japan hardly looks like a country troubled by high inflation.

But PM Kishida is right that Japans inflation is concentrated in energy and food, prices that the electorate is keenly aware of because they buy them frequently whereas abacus lesson prices, which used to be included in the CPI I dont know if they still are are probably not a major source of concern. The national corecore CPI, which excludes fresh food and energy, is rising only 1.0 yoy, which shows how much of the inflation is due to those two…