News flow over the weekend seemed light, with news from China and Japan the only news garnering attention, aside from the wildfires in British Columbia.
That said, the People’s Bank of China (PBoC) announced on Sunday, according to Reuters, that “China to coordinate financial support to solve local government debt problems“.
It should be noted that the PBoC met with the Chinese financial regulator and the Securities regulator late last week in the midst of the Concern over spillover effects of the country’s housing sector debt crisisas well as doubts about local government bonds.
“Financial support for the real economy must be strong enoughwhile major banks should increase lending, according to the joint meeting statement cited by Reuters.
On the other hand, China indirectly presses to compete with the nations of the Group of Seven (G7), while indicating its presence at the BRICS meeting, in which authorities from Brazil, Russia, India, China and South Africa intervened, notes the Financial Times.
Besides, the Central Board of Minimum Wages of Japanan advisory body to the Minister of Health, Labor and Welfare, advised the weighted average hourly minimum wage at ¥41 in fiscal year 2023, from ¥31 in the last fiscal yearaccording to Bloomberg. This will push the minimum wage to 1,002 yen, the highest on record..
Japan’s push for wage increases could be related to the country’s recent upbeat inflation data.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
