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The yield on Japans 30-year government bonds rose 0.5 basis points to 3.835%.Yemeni government forces: Warplanes launched eight airstrikes against Houthi strongholds in the western Taiz province of Hanshan and Dabab.On October 26th, it was reported that the Bank of Japan (BOJ) is expected to announce at its policy meeting on Friday that it has won its nearly 14-year battle to reach its 2% inflation target, emphasizing the risk of price overshooting and hinting at a possible rate hike as early as December. However, analysts say the BOJ may avoid giving clear hints about the timing and pace of future rate hikes, as it needs to balance preventing inflation overshooting with avoiding premature rate hikes that could disrupt already strained markets. A person familiar with the BOJs thinking said that due to moderate price and wage increases, the BOJ will raise rates gradually and will not rush into action. The source also indicated that in its quarterly report released after the meeting, the BOJ may slightly raise its price forecast for the next fiscal year and suggest that underlying inflation has roughly reached its 2% target. Naomi Muguruma, chief bond strategist at Mitsubishi UFJ Morgan Stanley Securities, said this is a historic moment for the BOJ, but it now faces a more challenging task as it needs to not only accelerate but also apply the brakes. The BOJ will likely review upcoming data and market movements to decide whether to raise rates in December or wait until January.The Saudi-led coalition says its actions against the Houthis are based on its legitimate right to self-defense.On October 26, the Houthi rebels claimed on Monday that they had attacked Saudi Arabias East-West oil transshipment terminals and Riyadh airport, but Saudi Arabia has not yet immediately confirmed this. Earlier, the Saudi-led coalition in Yemen stated that they had destroyed two ballistic missile launchers in the capital Sanaa, one of which was intended to launch a missile towards Riyadh; the coalition claimed to have intercepted the missile. The Houthis have been launching ballistic missiles and drones at Saudi airports, ports, and oil facilities, making Saudi Arabia a pressure point in the broader war.

Bank of Israel Has Gained Support, Although It Remains Skeptical of the Digital Shekel

Skylar Shaw

May 10, 2022 10:07

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The Bank of Israel has continued to investigate the possibility of establishing a CBDC.


In November of last year, the Bank increased its research and development efforts.


Despite widespread support for establishing a CBDC, the Bank has yet to make any final decisions.


Over the previous year, as global economies have shown increased interest in CBDCs, Israel's Central Bank has received encouraging feedback from residents. The financial institution's stance on issuing one, however, remains uncertain.

Perhaps CBDCs to The Rescue?

Israel's Central Bank said on Monday that it has received popular backing for its plans to establish a digital shekel. Citizens feel that creating a central bank digital currency (CBDC) will benefit the economy by boosting payments system innovation, lowering the quantity of cash in circulation, and strengthening the fintech industry.


In November of last year, the Bank expanded its research and preparation activities in anticipation of the probable release of a digital shekel. After pondering launching a central bank digital currency in late 2017, it pushed its research to establish a more efficient payments system.


Furthermore, financial institutions said in March that a digital shekel would not materially degrade the banking system's commercial performance. Finally, the Bank urged the public to assess the benefits and drawbacks of establishing a CBDC.


The Bank of Israel said on May 10 that it had received 33 submissions from different industries, half of which were from overseas, and roughly 17 from the fintech industry.

The Bank of Israel Is Still Suspicious

Israeli citizens feel that a CBDC might help the economy thrive by fostering payment system innovation and lowering the quantity of cash in circulation.

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