In a democracy people convene and exercise the government. In a republic, people get to administer the government through representatives.
Antigua and Barduda has moved swiftly to remove Britain’s incoming King as their head of state. The move will see the country hold a referendum within three years making it a Republic. This comes following the death of Queen Elizabeth II. According to experts, the move might fuel republicanism in nations within the commonwealth favoring split with the Monarchy.
Antigua and Barbuda has been under the British since 1620s. The nation acted as a sugar colony until 1834 when it gained its freedom. The history of colonialization has driven calls for compensation based on horrific past under the British.
The Need for Democracy in Antigua
The country has been linked with major cases of corruption. It has also been accused of violating human-rights by upholding illegal laws. Although corruption has become an official crime, there are other legislations that need to be put in place. The laws should include the protection of all citizens including those engaged in same-sex affairs. The idea of the country becoming a republic has triggered countries such as Jamaica. The citizens have been pushing for a vote which Browne has promised to deliver with time.
Just a few months ago Antigua and Barbuda was willing to assist Britain in seizing yachts owned by Roman Abramovich. This was done in an effort to undermine President Vladimir Putin over Ukraine invasion. The attack on Ukraine forced a number of nations to impose sanctions on Russia and its known supporters.
The people of Antigua are excited but residents have a different view on what should be sorted out first. There are residents who feel that jumpstarting the economy following the effects of the Covid-19 Pandemic is more meaningful than removing the queen. To them democracy and growth is better for the country than anything else.
There is a group that feel that tourism has slumped significantly and dismissing Britain might lead to a further downturn because the country depends on Britain tourists. The rest if the population is worried on the changes and the negative effects that might arise as a result of the elections.
There is fear that there will disruptions and new laws in place that might drive unemployment, increase taxation and government expenditure. There are many unanswered questions that can only be answered in the future on the need for democracy and growth of republicanism.
Indonesia Investigation – Soccer, and Tears
Indonesia investigation has set up a fact-finding team to investigate the deaths of at least 125 people. This happened at a soccer game on Saturday as questions mount over police use of tear gas amid commotion at the stadium.
Who will bear the burden?
The coordinating minister for political, legal, and security affairs in Indonesia investigation stated that the investigation into the tragedy that occurred in Malang on Saturday night after a match between bitter rivals Arema FC and Persebaya Surabaya FC would try to determine what happened and find those responsible.
Notorious Behaviour-Notorious Police
After Arema FC’s squad fell to Persebaya Surabaya 3-2, hundreds of its supporters reportedly flooded the field at Kanjuruhan Stadium, according to police in the East Java region. Police used tear gas in an attempt to quell the “riots,” which caused a stampede as terrified spectators raced for an escape gate.
Others died after being crushed, while others suffocated in the commotion. Two police officers were among at least 34 people who passed away at the stadium.
Indonesia Investigation Continues-What Really Happened??
According to East Java Vice Governor Emil Dardak, who claimed that some names were recorded more than once, the death toll was lowered to 125. Officials had earlier estimated the number to be as high as 174.
Following Arema FC’s defeat against Persebaya Surabaya, local TV networks captured images of fans flooding onto the field at the Kanjurujan Stadium in Malang. There are visible scuffles and what appears to be tear gas in the air. Images also showed individuals being taken away by other spectators who looked to have lost consciousness.
Should Live Matches be Banned in Indonesia?
Indonesia Investigation Authorities said that all 42,000 seats in the stadium were sold out. 3,000 people, according to the police, invaded the field. At least five police cars and trucks were among the vehicles set on fire outside the stadium, according to Indonesia investigation PIs.
In Indonesia, fan violence is a persistent issue that occasionally results from intense competition between clubs. Longtime rivals Arema FC and Persebaya Surabaya were unable to sell tickets to their match on Saturday because of concerns about possible violence.
Police Actions-Trigger of Death
Mahfud MD, Indonesia’s senior security minister, announced on Monday that a team of impartial fact-finders will be assembled to look into the catastrophe.
Separately, a spokeswoman for the national police, Dedy Prasetyo, said that the Malang police chief, Ferli Hidayat, had been fired along with nine other members of an elite mobile police brigade and might be fired as a result of a police ethics Indonesia investigation. He said that 18 middle-to high-ranking police officers who fired the tear gas were under investigation.
Yunus Yussi, the secretary general of the Football Association of Indonesia (PSSI), stated that the organization was in contact with Fifa over the crush and wanted to avoid punishment.
Twenty-four nations will compete in the 2023 Under-20 World Cup, which will be held in Indonesia from May 20 to June 11. The nation is automatically eligible because it is the host.
The Law on Police Brutality
The right to life, which is guaranteed by Article 6 of the International Covenant on Civil and Political Rights, and which Indonesia is required to uphold as a state party, is directly affected by the use of force. The UN Basic Principles on the Use of Force and Firearms by Law Enforcement Officials and the UN Code of Conduct for Law Enforcement Officials (1979) both include strong restrictions on the use of force (1990). The Indonesian Chief of Police Regulation on the Use of Force in Police Action (No. 1/2009) further restricts the use of force by law enforcement personnel in Indonesia.
Is there light at the end of the tunnel?
The Legal Aid Foundation of Indonesia stated in a statement that the “high number of fatalities was caused by the excessive use of force through the deployment of tear gas and inappropriate crowd control.” Indonesia investigation into the issue ought to investigate the police too.
The legal aid organization said in a statement that the improper use of tear gas led to supporters in the stands scurrying for an escape door, which left them out of breath, fainting, and bumping into one another.
Hate or love him – Brazilian President Jair Bolsonaro Second Shot
For months, Brazilian President Jair Bolsonaro had argued that the unfavorable opinion polls were wrong and then it turn out he was right. Brazil election 2022 is tough as people wait with anticipation to know who might be president of brazil 2022. Bolsonaro kicks of his reelection campaign with a strong kick.
In the first round of the presidential elections, the right-wing former army captain received 43.2% of the vote, more over 51 million votes and about 10% higher than some surveys had expected. Brazilian President Jair Bolsonaro is still behind his opponent, former left-leaning president Luiz Inácio Lula da Silva, who received 48.4% of the vote, setting up a runoff election at the end of October. Bolsonaros strong elections showing defies the expectations of many.
At a post-election gathering in downtown So Paulo on Sunday night, da Silva addressed thousands of fans, “It appears like fate wants me to work a bit more.” The victory is “only a matter of time,” he continued, “and we will win because Brazil needs us.”
Many observers predict that da Silva will receive more votes from first-round voters than the other contenders, giving him the upper hand in the runoff. Bolsonaro wife has urged people to vote wisely by voting Brazilian President Jair Bolsonaro.
Both of the two candidates moving on to the second round have not yet received the support of third- and fourth-place finishers Simone Tebet and Ciro Gomes, who received around 4% and 3% of the vote, respectively. There are claims they receive support from Brazil Prime Minister and international quarters.
The Political Game of Minds – Brazilian President Jair Bolsonaro vs Silva
While noting that Brazilian President Jair Bolsonaro -friendly candidates also performed surprisingly well in legislative and gubernatorial polls, several da Silva supporters expressed their disappointment that the former president was unable to reach an agreement on Sunday.
Data privacy specialist Pedro Vilela, who attended da Silva’s protest, said, “We came here expecting to have a party, to feel extremely joyful, to have some drinks.” However, we are now returning home to rest and await the results of the upcoming four weeks.
Despite his failure to win the presidency, the outcomes served as a sort of vindication for da Silva, who was made into a national hero during his two terms as president between 2003 and 2010, when his expansion of social welfare programs and an economic boom driven by commodities helped millions of Brazilians escape poverty.
Da Silva was imprisoned for a year and a half after being implicated in a significant corruption scandal after leaving government. Then, in a dramatic change of events, he was freed in 2019 due to a technicality, his conviction was overturned, and he began his bid for the president – the sixth time he has sought for the position.
Brazilian President Jair Bolsonaro -When Karma Bites
He minimized the COVID-19 pandemic, resulting in Brazil having the second-highest proven coronavirus death toll in the world behind the United States. He has to cope with an economy that is sluggish, high inflation, unemployment, and growing poverty. Additionally, his criticism of Brazil’s democratic institutions has alienated a lot of people.
All of this has created a chance for da Silva, a 76-year-old throat cancer survivor. He sees himself as the candidate who can save Brazil’s democracy by defeating Brazilian President Jair Bolsonaro and pledges a return to the economic prosperity of his first two administrations.
Brazilian President Jair Bolsonaro has often asserted that tests have proven he has a significant number of antibodies to combat the virus and, as a result, does not need to be immunized, a claim that specialists disagree. Bolsonaro first contracted Covid-19 in July 2020.
Brazilian President Jair Bolsonaro is also vehemently opposed to the health cards that several big Brazilian cities provide to people who have had their vaccinations and which are necessary to enter specific public locations.
The Aftermath of Battle of Wits
Brazilian President Jair Bolsonaro , who frequently criticized the Brazilian electoral process and vowed to reject the results, defeated Lula in the most populous southeast states of the nation.
In the fourth-largest democracy in the world, more than 123 million Brazilians stood in lengthy lines to cast their ballots, while 32 million more chose to abstain. TSE President Alexandre de Moraes said that new biometric security checks and a larger than anticipated voting participation were to blame for the lengthy lines.
Aggressive Monetary Policies in India
What has informed Indians’ aggressive monetary policies and how might they affect the global economy?
The collapse of the Indian rupee versus the US dollar has made it more difficult to control inflation and safeguard an economic recovery, prompting the central bank of India to increase its benchmark interest rate by half a percentage point.
The Reserve Bank of India increased its overnight lending rate on Friday from 5.40% to 5.90%. This is the fourth increase since it started raising rates after an impromptu meeting in May, which was prompted by pressures on inflation around the world that were made worse by Russia’s invasion of Ukraine.
Does this come closer to Abenomics’ aggressive monetary policies?
The central bank now expects inflation to be 7.1% in Q2, 6.5% in Q3, and 5.8% in Q4, with risks being equally distributed. The central bank had predicted inflation of 7.1% for Q2, 6.4% for Q3, and 5.8% for Q4 in its August policy. The monetary authorities predicted inflation of 5% for the first quarter of the next fiscal year.
Inflation is anticipated to be high in the second half of the fiscal year and continue over the central bank’s 6% target, according to RBI Governor and MPC Chair Shitikantha Das.
The price of food is subject to upside risks. Das claimed that pressure on cereal prices is shifting from wheat to rice because of decreased Kharif paddy yield. delayed monsoons exit and prolonged periods of heavy rain in many places.
Most experts did not anticipate any reduction in the central bank’s inflation forecasts since they believed that inflationary risks had increased over the last month and those core inflation readings were still high.
They estimated that, considering the pressure from inflation and the rupee’s collapse to an all-time low, the central bank was unlikely to let up on the tightening pedal. Additionally, they said that in some areas, insufficient or late rainfall influenced the production of rice and lentils, highlighting the ongoing issue for producers.
What are aggressive monetary policies designed to achieve?
The COVID-19 epidemic and the crisis in Ukraine were two huge shocks that occurred in the previous two and a half years, he said, elaborating on the challenges to the global economy that have an impact on the home economy.
These shocks had a significant effect on the world economy. We are currently seeing a third significant shock because of aggressive monetary policy decisions, particularly those made by central banks in industrialized economies.
Although local factors dictate the necessity of such steps, in a highly linked global financial system, spillover effects result in negative externalities. Financial circumstances have become extremely tight because of the most recent rate increases and expectations for more significant rate increases.
“The outlook for the world economy is still dismal. Fears of a recession are growing as financial conditions tighten. Across all jurisdictions, inflation is still at unacceptably elevated levels. Mismatches between supply and demand for goods and services are a manifestation of the pandemic’s and the conflict’s long-term impacts. With aggressive rate increases, central banks are forging new ground, even if it means short-term economic sacrifices. An investor flight to safety has been sparked in this environment by uneasy investor emotions. The US dollar has surged to its highest level in two decades. Numerous advanced and emerging market currencies are under intense pressure to devalue. Especially for emerging market economies (EMEs),” reads a statement released.
The RBI Policy Timing
The inflation-monetary policy dynamics of 2010–11 have been cited by several observers as a reason why the RBI must respond swiftly and forcefully this time around. At this point, identifying the particular beginning conditions is important.
At that time, nominal credit growth was 20–25%, real credit growth was above 10%, and real GDP growth averaged over 10% every quarter. Unmistakably, an overheated economy and rogue credit were what caused inflation.
As several of us consistently noted at the time, raising rates swiftly and forcefully could have been able to give a gentle landing of 7–8% real GDP growth by dramatically reducing borrowing.
Thai Prime Minister Prayuth Gets ‘Love’ from the Court
The Thai Prime Minister, Prayuth Chan-Ocha, has not surpassed the eight-year constitutional term limit because his tenure as head of the military is declared by the Constitutional Court.
Thailand’s prime minister, Prayuth Chan-Ocha, will continue in power after the country’s constitutional court determination. The Court determined that he hadn’t surpassed his term limit, giving him a victory before elections the following year.
The decision was made in a petition brought by opposition parties that said that Mr. Prayuth had exceeded the eight-year threshold stipulated by the constitution. They said that Mr. Prayuth’s tenure started after the coup in 2014, when he was chosen as prime minister by an interim legislature chosen by his junta.
This comes as a victory for Thai Prime Minister Prayut Chan-Ocha, whose leadership has been rocked by a number of challenges such as demonstrations and lawsuits. Prayut, who is now 68 years old, was put on leave as the court investigated his case.
The current Thai prime minister is among the premierships with the longest tenure in a country that has had over 10 coups in the last century. Recent polls have shown declining support, with a great number of respondents pushing for impeachment.
The former general served as the junta’s leader and prime minister from 2014 until a new parliament picked him to remain in that position following an election in 2019.
Reprive for Prime Minister of Thai
The nine-member bench defended the current Thai prime minister by arguing that the law was not sufficiently specific to warrant his ouster. As his tenure nears an end, Prayut will face the music next year. It is evident that people might punish him on the ballot for alleged mismanagement of the economy when COVID-19 began.
Pro-democracy organizations vowed to hold a demonstration on Thursday, but the court forbade public meetings and placed water cannon trucks all around the courtroom in Bangkok.
According to accounts, Prayuth remained at home as the court handed down its decision and demonstrators assembled in Bangkok’s central business district. He is expected to resume his duties as prime minister on Monday.
In Thai politics, the Constitutional Court has a significant impact. It overturned the outcomes of general elections in 2006 and 2014. Recently, it disbanded two parties—including the Future Forward Party, which grew to be the third-largest party in parliament—before and after the 2019 general election.
Despite having a 150 lawmaker petition, it remains that Prayut will still continue to serve as the current thai prime minister.
Meta Officials Withhold Data – Cites Security Concerns
Meta officials have informed organizations that they will be unable to reveal the results of the inquiry into hate speech on their platform in India. The Executive revealed that the report would not be published due to security concerns.
Meta has published a report that assesses the impact of the platform on human rights in India. The concerns include a failure to monitor hate speech directed at minorities. Human rights activists were dissatisfied that Meta officials only provided generic summaries of its evaluations in India.
When the study was first released, Meta officials had already indicated that they would not release the study in its totality. The firm argues that it used UN guidelines which advise against disclosing information that might endanger interested parties. There has been uproar about the Facebook privacy issue case study and the failure to address it.
The study released in 2020 by Meta’s security team indicated that a Hindu nationalist supported violence. Despite the concerns and the push to ban the group from Facebook, the Meta officials failed to do so.
This comes after protesters, activists, and businesspeople have criticized the BJP-led government. Those engaged in the protest risk harassment, prosecutions, and other uncouth measures such as tax raids.
Laws and policies that discriminate against religious minorities, particularly Muslims, together with the demonization of Muslims by some BJP officials and police inaction in the face of violent BJP supporters, gave Hindu nationalist organizations the confidence to assault Muslims and opponents of the government with impunity.
Civil rights organizations in India continue to push for the release of the study that shows Meta’s involvement in the dissemination of hate speech. The Facebook privacy issue 2022 marks the company’s continued cases around the world.
What’s Next for Meta Officials?
Last week’s revelations have not furthered our knowledge of Meta’s accountability and dedication to stopping the proliferation of hazardous information. Meta just shifted the spotlight to end users and 3rd parties.
The report calls for Meta to open up and be transparent on how its inaction has led to violations of human rights. It also opens a can of worms on how algorithms might magnify hate speech if left unchecked. Indians have also called for Facebook data issues to be addressed.
Meta is aware of the key factors that have been contributing to the continued spread of hate speech and disinformation. The Indian case attempts to hold the platform responsible for issues that have an impact on human rights.
Nord Stream Mysterious Gas Leaks Under Europe’s Radar
The Nord Stream pipeline attacks have forced Germany, Denmark, and Sweden to dive into investigations.
The Minister for Economy in German has lamented that the leaks were deliberate and not caused by natural events. He argued that the mysterious leaks which have happened were planned.
The Polish leaders also cited sabotage but are yet to provide evidence on Nord Stream 2 current status. The only countries which have called for further investigations into the issue were Denmark and Sweden. The two nations also feel that the results of the purposeful acts were sabotage which was well-calculated and executed.
Dmitry Peskov, a spokesman for the Kremlin, described it as “very alarming news. In fact, there has been some damage to the pipeline in Denmark’s economic zone, albeit of an ambiguous sort.” The continent’s energy security, he claimed, was impacted.
Any lingering hopes that Europe may get fuel via Nord Stream 1 before winter would be dashed by the events, even though neither pipeline was pumping gas to Europe when the breaches were discovered.
In contrast, Norway announced it will increase security at its oil and gas facilities in response to leaks and allegations of drone activity in the North Sea, according to a statement by Energy Minister Terje Aasland.
Authorities in Denmark requested that the sector’s readiness be increased, which would call for increased safety for power infrastructure and facilities.
As Europe investigates an unexplained leak in Nord Stream gas pipelines, there is tension because Russia had cut back gas supply to Europe via Nord Stream 1 before stooping completely in August.
After the spill at Nord Stream 2, which has not yet begun commercial operations, Danish officials advised ships to avoid the area off Bornholm.
World Leaders and Mourners Queue in Japan
World leaders and successors of Shinzo Abe paid tribute to Japan’s longest-serving prime minister at a state funeral, while thousands of people protested the event nearby.
Tuesday was no ordinary day for Japan, as thousands gathered to pay respect to a leader who was lauded for his diplomacy and economic achievements—Shinzo Abe. Flowers were placed next to the Nippon Budokan arena. Due to the enormous number of people attending the funeral, organizers opened the concession booths earlier than intended.
There were protests and resistance towards the funeral plans due to the expenditure used to organize the funeral. The anti-event protests were staged across the city, from the parliament to a march that proceeded from Hibiya to Tokyo Station. Over twenty thousand police officers were deployed to calm the protests.
Divided Nation and World Leaders
Abe served as the head of the government for the longest period and has gained a lot of praise from world leaders. Female world leaders, such as Kamala Harris, and leaders of the free world were also in attendance. Shinzo Abe died on July 8 while on a campaign in Nara.
Since Shinzo Abe died, there has been a growing backlash against his Liberal Democratic Party, with many criticizing his alleged connections to the Family Federation for World Peace and Unification, often known as the Unification Church.
Abe gave a lecture at the church in September of last year. However, the institution has disputed whether he served as an advisor or a member of the congregation. The church is viewed as a cult by its detractors because it performs mass marriages and is well-known for its relentless congregational fundraising.
As leaders in the world mourn the death of Shinzo Abe, the country remains divided. Some feel that the government carried out the funeral in an improper manner. They argue that the legislature was not consulted, making the decision made by Kishida illegal.
Leaning in – Giorgia Meloni First Female Prime Minister of Italy.
Giorgia Meloni made a declaration on Monday that she was ready to lead all Italians after her eurosceptic populists surged to victory in the recent elections. She became one of the first right-wing leaders to be in power since World War II.
One in four voters in Sunday’s election supported Meloni’s Brothers of Italy celebration, which has neo-fascist roots, according to Giorgia Meloni’s Facebook critics. But the joy inspires a coalition that is poised to take control of parliament.
Her victory marks a sea shift for the EU and Italy, the third-largest financial system in the eurozone, only weeks after the far-right fared better than expected in elections in Sweden.
It is likely that Meloni, who ran on the platform of “God, nation, and family,” will become Italy’s first female prime minister, though the process of putting together a new government might take weeks. The 45-year-old attempted to calm those concerned about her lack of experience and radical past during a period of growing inflation, an impending energy calamity, and the conflict in Ukraine.
Is Everyone Ready for the Ride?
Voters, according to Meloni, had sent a “clear message” supporting her party’s bid to lead their right-wing alliance to power.
“If we are recognized for ruling this country, we will do it for all Italians. We’re going to do it with the intention of bringing people together and highlighting their similarities rather than their differences, she told reporters. The same message has been clearly based on Georgia Meloni Twitter posts.
Her coalition partners, Silvio Berlusconi’s Forza Italia and the far-right League of Matteo Salvini are behind her in the polls. However, it was predicted that they would win 43% of the vote overall, which would be enough to secure a majority in both houses of parliament.
Although the results won’t be known until later Monday, the coalition’s main adversaries on the left, the Democratic Celebration, conceded, calling it an “unhappy” day. With 9 times less participation than in the final elections in 2018, turnout dropped to a historic low of about 64%.
A New Brexit in Motion
Meloni Georgia wants Italy to leave the eurozone but believes Rome should defend its interests more. He also has proposals that challenge Brussels on a variety of issues, including public spending guidelines and mass migration.
Soon, she received congratulations from her nationalist supporters across the continent, including Mateusz Morawiecki, the prime minister of Poland, and Vox, a far-right party in Spain. Santiago Abascal, the CEO of Vox, tweeted, ” Giorgia Meloni has shown the greatest approach for a proud, free Europe of autonomous states.”
Since Mario Draghi, the prime minister, called for immediate elections in July because of the dissolution of his government of national unity, Meloni Giorgia has dominated opinion surveys.
When the former head of the European Central Bank parachuted in to lead a nation still suffering from the coronavirus outbreak in February 2021, her party was the only one that did not join Draghi’s government.
According to Lorenzo De Sio, chairman of the Italian political research center CISE, Meloni chose a “very careful, very soothing marketing effort” in contrast to Draghi’s “extremely forceful” opposition strategy.
“Her challenge is to translate this election win into a stable governing administration,” he said.
Since 1946, there have been over seventy different governments in Italy, and Meloni, Salvini, and Berlusconi frequently disagree.
The Corriere Della Sera newspaper claimed that Meloni’s “dissatisfied and mostly vanquished friends” would be a “downside.”
With eight percent each, The League and Forza Italia looked to have performed poorly, down from 17 and 14 percent, respectively, in 2018.
Salvini tweeted “Grazie!” (Thanks!) as preliminary results came in, praising the coalition’s success, while Berlusconi called Meloni to express his congratulations.
‘Giorgia Meloni Fascismo’
Benito Mussolini’s followers founded the post-fascist movement, and Meloni herself lauded him when she was younger. This is where Brothers of Italy has their origins.
She has tried to disassociate herself from the past as she turned her celebration into a political campaign, increasing it from only 4% of the vote in 2018 to Sunday’s anticipated victory.
Her alliance ran on a platform of low taxes, ending large immigration, and Catholic family values; detractors fear that this could lead to a rollback of hard-won rights like abortion.
Meloni, a straight-talking Roman who was nurtured by a single mother, argues against “LGBT lobbies,” “woke ideology,” and “the savagery of Islam.”
The alliance contends that the approximately two hundred billion euros ($193 billion) that Italy is going to receive should be considered considering the energy crisis and that the EU’s post-pandemic rehabilitation budget must be renegotiated.
However, because Draghi is the only person to have started the series of changes that are required for the funds, analysts claim that she has little room for maneuver.
Giorgia Meloni wholeheartedly supports the EU’s sanctions on Russia over Ukraine despite her euroskepticism.
However, Berlusconi, a wealthy former premier who has known Vladimir Putin for a long time, faced criticism last week for implying that the Russian leader had been “pushed” into combat by his entourage.
Japan Jumps Into Market to Buy Yen for First Time in 24 Years
Japan Jumps Into Market to Buy Yen for First Time in 24 Years. What does that mean for the Yen and the dollar?
TOKYO—Japan intervened in the foreign-exchange market to buy yen for the first time in 24 years, shortly after the Bank of Japan accelerated a fall in the currency by confirming it would maintain ultralow interest rates.
The unexpected market operation comes as Prime Minister Fumio Kishida is asked to intervene to lessen the negative effects of price increases harming the household and corporate sectors, since public support for his Cabinet has lately declined.
Later on Thursday, during a news conference, Finance Minister Shunichi Suzuki stated that the government interfered in the foreign currency market that day in an effort to control erratic market movements, however he did not go into further detail on the precise time of the operation.
According to Suzuki, the yen-buying program “has had a certain effect.” In order to “adopt suitable policies” to reduce volatility in the foreign currency market, he promised that the government will “maintain close communication” with the Bank of Japan.
Masato Kanda, Japan’s senior currency diplomat, told reporters prior to Suzuki’s statement that “We took a serious measure” in response to market speculative swings, and that “We will continue to observe foreign exchange moves with a great sense of urgency.”
Hours after the yen reached a fresh 24-year low against the dollar, Kanda, a senior official in the Finance Ministry, warned Japan may interfere in the market “anytime” to stop it from falling significantly worse.
Why Buy Yen for First Time in 24 Years?
The BOJ maintained its ultralow rate policy on Thursday, as was widely anticipated, to support the pandemic-hit economy. The BOJ also maintained its dovish posture despite the significant decrease in the value of the yen during a worldwide wave of tightening monetary policy to combat inflation.
Following Russia’s invasion of Ukraine in February, energy and food costs have been rising rapidly all around the world.
In an effort to battle rising inflation, the U.S. Federal Reserve increased its benchmark policy rate by 0.75 percentage points on Wednesday, reinforcing the belief among market investors that the difference in interest rates between the US and Japan will continue to widen.
Before Kanda made the remarks, the dollar reached its best level since 1998 during Thursday’s trade in Tokyo over the 145-yen mark.
In a news conference held following the event, BOJ Governor Haruhiko Kuroda added that the bank will not be raising interest rates for the next two to three years.
As Japanese goods become more affordable abroad, the value of foreign earnings increases in yen terms. However, a falling yen raises import prices. More than 90% of Japan’s energy requirements are met by imports.
According to official statistics released on Tuesday, Japan’s core consumer prices increased for the 12th consecutive month in August, jumping 2.8 percent from a year earlier to a nearly eight-year high. This is the latest indication of cost-push inflation without wage growth.
The last time the Japanese government intervened by selling yen rather than purchasing it was in October and November 2011.
Alleged Russian War Crimes in Ukraine Are Focus of U.S.
We back several national and international initiatives to gather and assess the growing body of evidence of Russian war crimes in Ukraine. United States Secretary of State Antony Blinken.
WASHINGTON— At the UN Security Council meeting on Thursday, the United States and its allies demanded a probe into suspected Russian war crimes in Ukraine, but they offered few specific recommendations on how to move the investigation along.
U.S. Secretary of State Antony Blinken addressed the audience at the United Nations Security Council meeting, saying, “We support a variety of national and international efforts to gather and assess increasing evidence of war crimes in Ukraine. “We must bring these offenders accountable.”
Last week, Biden expressed his personal conviction that Russian President Vladimir Putin was a “war criminal.” Moscow immediately denounced this statement, calling it “unacceptable and inexcusable rhetoric.”
In response to the US president’s remarks, the Russian government summoned the US ambassador to the nation this week and warned that relations between Washington and Moscow were “on the edge of collapse.”
According to Russian media, Russia informed Washington on Wednesday that it will expel a number of American diplomats in response for the US decision to remove Russian personnel from the United Nations mission.
The Path to Justice for Alleged Russian War Crimes
In a statement on Wednesday, Blinken said that strikes by Russian troops on residential complexes, schools, hospitals, shopping malls, and other infrastructure had resulted in the deaths or injuries of thousands of people.
While the ICC is undertaking an inquiry, the difficulty is in tying “responsibility to the highest powers,” according to James Goldston, executive director of the Open Society Foundation’s Justice Initiative.
According to Goldston, “the court can address the accountability of any actor, including and up to the head of state.” The issue is whether or not they can support their position.
The US will continue to monitor claims of war crimes in Ukraine, according to Blinken, and “share information we acquire with friends, partners, and international institutions and organizations, as necessary.”
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