Market 04/29: Japan intervenes to save the Yen

Dallas Fed April manufacturing index drops to -14.5, down more than expected (-11.3) and previous month (-14.4)

The high interest rate environment maintained by the Fed continues to pressure the banking system and Commercial Real Estate (CRE) market:

Republic First Bank, following SVB, Signature Bank and FRB, continues to fail due to bond losses…
- This bank was shut down by Pennsylvania regulators last Friday - acquired by Fulton (with FDIC support).

Delinquency rates on office/business space leases rise:
- 43% of small businesses in the US unable to fully pay office rent in April - highest rate since March 2021.
- > 50% of small businesses say current rents are higher than 6 months ago.
- 52% of restaurants have overdue debt…

China 10-year government bond yield rises to two-month high

PBOC advises commercial banks to limit investments in ultra-long-term bonds to minimize risks.

For the first time since 1990, the Japanese Yen weakens to 160 vs USD.

Total short positions in Yen by hedge funds and asset managers rise to 184,180 contracts - higher than previous week's record short

USD/JPY exchange rate shows signs that some form of intervention to support the Yen was carried out last night/this morning (US time).

However, it seems Viet Hustler analyzes in the Macroeconomics article:
- BOJ will not intervene massively by buying large amounts of JPY like in October 2022 — but only gradually.
- And the USD/JPY rate around 155-157 seems to be the level BOJ wants to maintain for economic and inflation boosting reasons…
- Read more: BOJ last week - Calm amid turbulent markets

Australian exchange ASX considering approval of first Bitcoin Spot ETF.

Circle's stablecoin surpasses Tether to lead in trading volume.

Russia prepares to completely ban cryptocurrencies as geopolitical tensions rise

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