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[Quick Facts]

1. USDJPY opened lower after the BOJ Governor's speech.

2. Yellen is optimistic about a soft landing for the U.S. economy.

3. The U.S. confirms the disruption of oil shipment by Iran's IRGC.

4. India may change its name to "Bharat."

[News Details]

USDJPY opened lower after the BOJ Governor's statement

The U.S. dollar opened 90 points lower against the Japanese yen after Bank of Japan Governor Kazuo Ueda said in an interview with the Yomiuri newspaper on Saturday that ending negative interest rates is one of the options if he is convinced that prices and wages will continue to rise. Japanese stocks and government bonds could react negatively to that, and Asian currencies should get a boost if the dollar weakens.

Kazuo Ueda also said that the Bank of Japan is likely to have enough information and data by the end of the year to determine whether wages will continue to rise, which is a condition for adjusting easing measures. Given that the BOJ will hold a meeting in less than two weeks, this will spark speculation in the market about potential discussions on policy changes.

Yellen is optimistic about a soft landing for the U.S. economy

U.S. Treasury Secretary Janet Yellen said in an interview on Sunday that there is growing confidence that the U.S. can control inflation, which data show is steadily slowing, without doing significant damage to the job market. I'm open about a soft landing, and if we're still talking about a recession by the first quarter of next year, I'll apologize for my mistake, said Yellen. I'm willing to wait another six months, she added.

The U.S. confirms the disruption of oil shipment by Iran's IRGC

The U.S. Department of Justice revealed on Sept. 8 that the U.S. seized the tanker transporting crude oil for Iran's Islamic Revolutionary Guards Corps (IRGC) in April this year, which was carrying more than 980,000 barrels of crude oil. The U.S. seized the crude oil on the grounds of violating American sanctions, the report said.

Illegal sale and transportation of Iranian oil violates sanctions against Iran, the U.S. Department of Justice said in a statement. The company that owned the tanker pleaded guilty in April and was sentenced by to three years of corporate probation and a fine of almost $2.5 million.

India may change its name to "Bharat"

On September 9, the G20 New Delhi Summit was held in New Delhi. The nameplate in front of PM Narendra Modi clearly reads "Bharat", not India. As India attempted to change the country's name, it is clear that Modi has once again released a strong signal. Although it was not communicated to the public, changing the country's name is already on the table.

Previously, the Bharatiya Janata Party led by Modi had been committed to promoting the replacement of the country's name because, they said, the word "India" was introduced by the British colonizers, symbolizing the humiliation of being enslaved.

Ordinary Indians usually refer to themselves as Bharat and only refer to them as India on official occasions. It is this subtle difference that gives Modi, who is currently pushing hard to decolonize India, a reason to change the name of the country.

Currently, Modi is in the process of overhauling British colonial buildings and renaming some places with a British flavor. For example, he has changed the name of the landmark India Gate from Rajpath (King's Avenue) to Kartavya Path (Path of Duty). Modi's motivation for changing the country's name can also be understood as the culmination of a series of decolonization initiatives.

[Focus of the Day]

UTC+8 16:00 Bank of England Chief Economist Peel delivers a speech