The Japanese yen has hit its lowest level against the dollar in decades, even after Japan's central bank announced a hike in interest rates. Currency markets saw Japan's yen dip to its lowest point against the dollar in more than three decades on Wednesday. The fall has raised speculation that authorities might intervene in market trading to prop up the currency. What's happening with the yen? The yen fell to 151.97 against the dollar — the lowest point since 1990 — before rallying slightly. The dollar was last down at 151.19. In the past two years, the yen has weakened significantly from roughly 115 against the dollar before Russia's invasion of Ukraine. In a historic shift in monetary policy, Japan increased interest rates this month for the first time since 2007. However, this has done little to stablize the falling price of the yen, given that Japan's benchmark interest rates remain among the lowest in the developed world and are not expected to rise much further.  A weaker yen makes exports from Japan cheaper. However, it also drives up import costs and energy prices for consumers in the world's fourth-largest economy. In a sign of concern about the need to shore up the currency, the Bank of Japan, the Finance Ministry, and Japan's Financial Services Agency held a meeting late in Tokyo trading hours. Japanese Finance Minister Shunichi Suzuki said earlier that authorities could adopt "decisive steps" against yen weakness.  Bankrupt banks and higher interest: Are startups in crisis? "Now we are watching market moves with a high sense of urgency," he told reporters. The government could intervene directly in the currency market, buying large amounts of yen and usually selling dollars for the Japanese currency. Tokyo last took such action in 2022 when the yen was also floundering. Why is the yen so low? Japan last week raised interest rates for the first time since 2007 in a move that marked a historic shift in monetary policy. Despite the rise in interest rates from negative territory, the cost of borrowing in Japan remains very low at 0 to 0.1%.  For investors, the US — which adopted an aggressive policy of hiking rates to tamp down inflation — offers a far more attractive rate of 5.25 to 5.5%, with a cut not priced in until July.  The value of the Japanese yen has already fallen more than 7% this year against the dollar.  Meanwhile, the dollar is on track for solid quarterly gains after investors tempered their expectations of big interest rate cuts in light of strong economic data and the reluctance from central bankers.

Migrant workers returning after the Lunar New Year holiday have low expectations for a pay rise this year, as the number of jobs is not as high as last year. China’s economy has endured a challenging exit from its zero-Covid policy, with its 5.2 per cent growth last year not being felt by consumers or the job market Although there were still four days remaining until the end of the Lunar New Year holiday earlier this month, Baiyun Railway Station in Guangzhou was already packed with migrant workers who had left their hinterland hometowns early to take up jobs in the southern manufacturing hub of Guangdong. Jobseekers of all ages, with accents from all over China, were lingering briefly at the station’s square, dragging suitcases and carrying backpacks, taking a moment to rest, before flocking to the neighbouring cities. Like many newcomers, twenty-something Li Xiao was hoping for a higher salary than his previous night shift factory job in the central province of Jiangxi. “I can accept a waiter job of about 4,500 yuan (US$650) or 5,000 yuan since production line workers are expected to earn about the same this year,” he said. Thirty-something Xu Chao was also hoping to find a job in a car parts factory in Jiangsu. “I’ve been in Guangdong for a few days. The wages are not as good as I thought. There are more electric car companies in the Yangtze River Delta, the opportunities and salaries there may be better” Xu said. Most returning workers have low expectations for a pay rise this year, as the number of jobs in the service or manufacturing sectors is not as high as last year. Dongguan, an export hub in Guangdong which is often the top choice for rural migrant workers, anticipated 163,000 job vacancies after the Lunar New Year, the state-backed China Youth Daily reported earlier this month, citing the local labour and social security bureau. “With fewer export orders, there have been more workers than positions in local companies. Factories are not struggling to recruit workers this year, as lots of migrant workers from Guizhou and Henan have already come back,” said Justin Xu, a manufacturer of lighting products for exports in the eastern province of Zhejiang. The influx of migrant workers is occurring as there are less opportunities in hinterland provinces, with jobseekers in Henan – China’s third most populous province and a key source of migrant workers – crowding a recent job fair. “Our company has a labour gap of about 20 people, but more than 60 people have expressed interest in applying,” a human resource manager said, according to the state-run Henan Daily. The arrival of migrant workers has already reduced the hourly wage for temporary workers in China’s export hubs of Shenzhen and Dongguan by around a third from three years ago to between 18 yuan (US$2.5) to 19 yuan after the Lunar New Year holiday, according to an employee surnamed Li at a recruitment agency in Guangzhou. The period following the Lunar New Year is traditionally the most understaffed and high-paying time of the year as lots of workers remain at home. Li partly attributed the weak demand to factories relocating overseas and corporate endeavours to reduce costs. “Factory owners, if they have any surplus money, are considering investing in plants abroad, which is the only area where they’re still willing to expand,” said Peng Biao, a textile and clothing supply chain specialist. However, overall expectations from factory profits to orders could be even lower this year, Peng added. China’s economy has endured a challenging exit from its zero-Covid policy, with its 5.2 per cent growth in gross domestic product last year not being felt by consumers or the job market. Demand for workers in the new energy infrastructure sector is set to be stronger than last year, but employers are not worried about a shortage even at tough construction sites. Wang Rongshuo, founder of the Guangzhou-based Yangshuo Green Construction, said the photovoltaics infrastructure integrator already has a waiting list for the 3,000 construction workers it plans to recruit this year. “We have a lot of projects across the country. The workers will need to move throughout the year to different construction sites.” Wang said. “Most of our workers are aged between 30 and early 40s. They can earn about 8,000 yuan a month.” The labour surplus is also being seen in some regions in Zhejiang. “Some factory owners have not yet started production so far this year, mainly due to insufficient export orders and operational difficulties,” according to Zhou Libin, manager of Tianshu Mechanical Technology. In the past, many cities or counties in Zhejiang chartered cars and planes to lure workers from central and western parts of China back at this time of the year, however, this was not the case this year, according to Zhou. “Perhaps the government is aware of the limited orders and insufficient production,” he added. Economic uncertainty in the manufacturing sector has also affected the small and micro service sector. “Last year I hired a helper, but I don’t plan to hire anyone this year. My husband and I will work harder. Utility bills are increasing, but we dare not raise prices. We’re doing migrant workers’ business, and their income this year may be worse than last year.” said Li Jie, who runs a breakfast room in Jiangxi.

On Monday, Canadian Prime Minister Justin Trudeau told parliament that his government had "credible" reasons to believe that "agents of the government of India" were responsible for the assassination of Sikh activist Hardeep Singh Nijjar, a Canadian citizen, in the western province of British Columbia three months ago. "Any involvement of a foreign government in the killing of a Canadian citizen on Canadian soil is an unacceptable violation of our sovereignty," Trudeau said in a statement to the House of Commons. Canadian Foreign Minister Melanie Joly said Monday "the head" of Indian intelligence in Canada was ordered to leave the country. On Tuesday, India responded by expelling a high-level Canadian diplomat based in India. India's Ministry of External Affairs said in a statement that "allegations of government of India's involvement in any act of violence in Canada are absurd." The statement added that India is a "democratic polity" with a "strong commitment to rule of law" and urged Canada to take "prompt and effective legal action" against all "anti-India elements operating from their soil." Former Indian diplomat Anil Wadhwa told DW that Canada has made a mistake by "escalating the issue," after India rejected having been involved in the killing, and should have "worked with Indian authorities to allay any concerns." "I see a further escalation in this spat, which will affect our trade and people to people ties in a major way. This will play out in international fora as well. It will be a downhill slope for India-Canadian relations," Wadhwa said. Canada home to Sikh diaspora On June 18, Sikh leader and activist Nijjar was gunned down by two masked assailants as he left a Sikh temple in Surrey, British Columbia. According to media reports, Nijjar was a prominent organizer in the Sikh community in Canada. He was also a proponent of the "Khalistan Movement," which calls for a Sikh homeland by carving out an ethno-religious state in India's Punjab region. The movement dates back to India and Pakistan's independence in 1947, when the idea was pushed forward in negotiations preceding the partition of the Punjab region between the two new countries. India's government has outlawed the Khalistan Movement as a security threat, and over the decades, there have been periodic episodes of violence related to the movement, including a decade-long insurgency in Punjab during the 1980s and early 1990s. In 1985, Canada-based Sikh militants were responsible for the bombing of Air India Flight 182 off the coast of Ireland that killed all 329 passengers and crew, including 268 Canadian citizens. Indian officials said Nijjar, who came to Canada in 1979 claiming refugee status, had been organizing an unofficial referendum among the Sikh diaspora in Surrey. India's government had labelled him a terrorist, and sought to have him extradited. Canada is home to the largest population of Sikhs outside of Punjab, and the Sikh diaspora in Canada often stages activism and peaceful protests for Sikh causes. "That Canadian political figures have openly expressed sympathy for such elements remains a matter of deep concern," India's government said in a statement in response to Trudeau's announcement. Priti Singh, a professor from the Centre for Canadian, US and Latin American Studies at Delhi's Jawaharlal Nehru University said Trudeau was using the killing to shore up his image domestically in the light of falling approval ratings. "This issue was raised publicly by Canada when back door diplomatic channels are there to resolve it. This sharp escalation in rhetoric is because Trudeau is losing domestic support," Singh told DW. Canada-India ties hit new low The tit for tat diplomat expulsions mark scaled-up tensions between Canada and India, which have been exacerbated by what India perceives as Canadian indifference to the activities of pro-Khalistan elements in Canada. "They are promoting secessionism and inciting violence against Indian diplomats, damaging diplomatic premises, and threatening the Indian community in Canada and their places of worship," said a statement released this week by the Indian prime minister's office. In 2022, tensions between Canada and India were also raised after a Sikh separatist group organized a so-called referendum in the Canadian city of Brampton on Khalistan. India's government at the time condemned Canada for allowing the vote to take place. In July, India was particularly irked by a float at a pro-Khalistan rally in Toronto, which gruesomely depicted the 1984 assassination of former Indian Prime Minister Indira Gandhi, who was killed by her Sikh bodyguards. At the sidelines of the recent G20 summit, Indian Prime Minister Narendra Modi spoke about his concerns over "extremist elements" in Canada during his meeting with Trudeau. Trudeau had reportedly raised Nijjar's killing directly with Modi during the G20 summit, and urged the government of India to cooperate with Canada. At the same summit, Canada announced it would pause talks on a free-trade agreement with India. Meera Shankar, a former Indian ambassador to the US, said the diplomatic spat is unfortunate given that India and Canada have much to gain by strengthening cooperation. Shankar told DW that "extremist elements" are given "free reign" in Canada, and claimed that Trudeau's government was pandering to Sikh voters for political support. "Liberal principles or the cultivation of domestic constituencies should not involve tolerance of violence, or threats to Indian diplomats, or funding of violent activities in India," she said. Canada is home to nearly 800,000 Sikhs, who represent an important political constituency. Four Sikh cabinet ministers were appointed by Trudeau in 2015. However, Ravinder Singh Ahuja, president of the Sikh Forum in New Delhi, told DW that the Khalistan Movement is often misconstrued as representing the will of the entire Sikh community worldwide. "Khalistan is not a reflection of the Sikhs living in India. It is not a physical or geographical line that is drawn and is merely utopian," he said.

The State Bank of Pakistan’s forex reserves on Thursday plunged by USD 294 million to USD 5.8 billion — their lowest in eight years, reported Dawn. The plunge in forex reserve is a worrisome scenario as it will create problems in the repayment of its huge foreign debts. The central bank’s foreign exchange reserves have been persistently falling since the beginning of FY23. Analysts and experts paint a gloomy picture of the state of the economy as they believe that the country is close to default, reported Dawn. Though Finance Minister Ishaq Dar insists Pakistan will not default, the situation on the ground hardly supports his assertions, but, experts are not simply ready to buy the finance minister’s statement on default. Since the change of government in Islamabad earlier this year, the SBP’s foreign exchange reserves have been falling and the few inflows over this period have proved to be too little to meet heavy payments. In April, when the Shehbaz-led PDM government replaced the Imran Khan-led PTI government, the reserves stood at USD 10.5 bn as compared to USD 5.8 bn on Dec 23, reported Dawn. The fear of default is also evident from the exchange rate instability which has eroded the value of the local currency against all the major currencies, particularly the USD. A US dollar, which was sold at Rs 180 in April, traded at Rs 226 in the inter-bank market on Thursday. Yet, the greenback has almost vanished from the open market over the last couple of months. Worse, a grey market has emerged due to the shortage of the American dollar which is offering a dollar for Rs 260 to Rs 270, against the inter-bank rate of Rs 226, reported Dawn. This significant difference in the rates has already started affecting the remittances coming through official banking channels with inflows witnessing a falling trend. Approximately, Pakistan is losing about USD 300 million in remittances per month. Bankers said the low exchange rate is managed by the State Bank artificially had diverted this USD 300 million to the illegal grey market. Currency experts said if this trend continues then more remittances would go to the grey market and the country would lose about USD 4 billion at the end of the current fiscal FY23, reported Dawn. The poor economic growth has already slashed the foreign direct investment in the country as it received just USD 430 million during July-Nov FY23, compared to USD 885 million in the same period last year — a decline of 51 per cent. All stakeholders, except the foreign minister, were found to be extremely worried about the weakening health of foreign exchange reserves. They said the finance minister must announce that he had arranged payments to be made for the debt servicing. Neither China nor Saudi Arabia has so far announced that they are going to help save Pakistan from default. Source: ANI

Highlighting the need to address the issues of access and distribution of COVID-19 vaccines across the world, India on Monday (local time) expressed concern regarding the low vaccination levels of the population in countries facing conflict situations. Speaking at the United Nations Security Council (UNSC) briefing on 'delivery of COVID vaccines in areas of armed conflict - Implementation of UNSC Resolutions 2532 and 2565', India's Deputy Permanent Representative to the UN, R Ravindra said, "Much of the developing world is yet to be vaccinated. The vaccination levels of the population in countries facing conflict situations are even lower." "While we have made significant progress in developing newer vaccines against COVID-19 as well as in their production, the issues of vaccine equity, access, distribution, and administration remain to be addressed," he added. Ravindra stressed the need to find ways to ensure last-mile vaccine delivery in areas affected by conflict and post-conflict situations, which are not served adequately by public health infrastructure. He also highlighted the need to ensure that any slackening of other vaccinations is reversed to ensure a sustainable health recovery from the pandemic. Highlighting India's role in facilitating access to vaccines, he said, "In line with our vision of 'One Earth, One Health', India has been instrumental in saving innumerable lives by providing timely and necessary medicines and vaccines to many countries." "In order to convert "vaccines into vaccination", countries need robust capabilities in critical sectors including Information Technology tools; cold chain expansion; and training and capacity building of healthcare workers for vaccine administration. India would be happy to partner with other countries to assist in these important areas," he added. Ravindra also condemned the terrorists taking advantage of the pandemic saying, "While the Security Council has called for "COVID" pause in hostilities, terrorists and other non-state actors have only taken advantage of the pandemic by increasing their nefarious activities." "For continued supplies of vaccines, we need to ramp up our manufacturing capacities, both qualitatively and quantitatively, and keep the global supply chain for raw materials open and uninterrupted," he added. He further informed the Security Council that India has been strongly advocating for the principle of equity in the World Health Organization and has also proposed, along with South Africa, a Trade-Related Aspects of Intellectual Property Rights (TRIPS) waiver at the World Trade Organization (WTO) for COVID vaccines, diagnostics, and medicines. "India stands ready to work with the global community to build adequately funded robust health systems, strengthen preparedness, and ensure equitable access to vaccines," he stated.   Source: ANI  

Bangladesh Meteorological Department (BMD) today (Dec2) predicted that the low pressure area, which currently lies over southeast Bay of Bengal & adjoining Andaman Sea after turning into a well-marked low over central parts of Andaman Sea and adjoining area, can intensify further.   "The low pressure which already turned into a well-marked low is likely to move in a west-northwesterly direction and intensify further," it said.    One of its associated trough extends up to North Bay. Ridge of sub-continental high extends up to Bihar and adjoining area.    The met office also said weather may remain dry with temporary partly cloudy sky over the country.    Light fog is likely to occur at some places over the country during tomorrow morning.    Night temperature may rise slightly and day temperature may remain nearly unchanged over the country.   Country's maximum temperature on Wednesday was recorded 33.7 degrees Celsius at Cox's Bazar and lowest one today was 11.8 degrees Celsius at Tetulia.   Today's sunset at 5.11 PM and tomorrow's sunrise at 6.26 AM at Dhaka. Source: BSS AH

Pakistani rupee neared an all-time low after another fall against the US dollar. As per the State Bank of Pakistan (SBP), the currency closed at 168.02 against the dollar in the inter-bank market, registering a decline of Rs 0.36 or 0.21 per cent. Dropping below the 168 level, the Pakistani rupee inched near all-time low recorded against the US dollar on August 26, 2020, reported Business Recorder. As per Arif Habib Limited, the Pakistani rupee has lost 6.2 per cent since June 2021 and 9.4 per cent against the USD since its recent high recorded on May 14, 2021. "Rupee's decline can only be stopped if imports are curtailed, and exports/remittances increase," said, Malik Bostan, Chairman, Forex Association of Pakistan. Pressure on the rupee has increased due to Pakistan's current account deficit that has widened in recent months due to the high import bill. The rise in import bills is attributed to a hike in international oil prices in August, import of commodities, raw materials, and machinery. However, some luxury items also seem to be part of the mix. Bostan said that the government should take strict measures to curb the import of luxury items, especially autos. Source: ZEE News

The net enrollment rate for secondary education in Bangladesh is still significantly low, but better compared to the past, according to the UNFPA annual report. The ‘State of World Population Report 2019’ puts the enrollment rate at 57 percent for male children and 67 percent for female in 2017. But in 1999, the rate was 43 percent for girls. “It’s a huge achievement for the government,” Deputy Education Minister Mohibul Hassan Chowdhury Nowfel told UNB. He noted that the secondary school enrollment rate for girls proves that female education in Bangladesh has reached a new height. He said the government is conducting studies to find out reasons behind high dropout rate among male students and added that "scientific approaches" will be taken to solve the issues. Meanwhile, the net enrollment rate for primary education has increased significantly for girls. It stood at 98 percent in 2017 compared to 45 percent in 1990. For male children, the rate stood at 92 percent in 2017. Debadas Halder, assistant professor of Institute of Education and Research, Dhaka University, highlighted the lack of initiatives as a reason behind fewer enrollments in secondary education. “Secondary education receives much less attention compared to primary level,” he said, noting that increasing the cost of higher education also discourages parents from enrolling children for secondary education in many cases. Bangladesh also has one of the highest rates of child marriage – one of the key reasons for school dropouts. Deputy Minister Nowfel said the government is considering structural change and improving incentives support to see the gap between primary and secondary enrollment rate removed. “Structural policy has produced better results in some cases and now we want to continue with a targeted policy involving all stakeholders,” he said. Source: UNB AH

From the morning Dhaka North and South City Corporation elections have come under the threat of rain. Most of the voting centers in the capital were voter less due to rain. After casting his vote at IES Higher Secondary School at Uttara sector 5 on Thursday morning the Chief Election Commissioner (CEC) KM Nurul Huda mentioned two reasons for low voter turnout. He said, short period or for one year the mayor and councilors will be elected. For this reason there may be less interest for the voters. As there is no participation of all parties and there is no competition among the candidates, so these are also may be reason for low voter turnout. The CEC said, Election Commission is not responsible for low voter turnout in the mayoral by-election and Dhaka North and South city councilor elections. Political parties and candidates are responsible for for this. I have observed comparatively low voter turnout. Whether the environment is fair or not- when newsmen asked about this he said, all out measures have been taken on behalf of the election commission to make the election fair. There is no reason to be not fair. The post of mayor in Dhaka North City Corporation turned vacant following the death of Annisul Huq. In the ongoing by-election five candidates are competing. They are- Awami League candidate Md. Atiqul Islam (Boat), Jatiya Party’s Shafin Ahmed (Plough), Md. Anisur Rahman Dewan of National Peoples’ Party (Mango), Shahin Khan of Progressive Democratic Party (Tiger) and Independent candidate Mohammad Abdur Rahim (Table clock). In the newly included 18 general wards 116 contestants are participating while 45 candidates are contesting in six reserved wards for councilor elections under North City Corporation. On the other hand 125 candidates are contesting in 18 general wards and 24 candidates are participating in six reserved wards under South City Corporation. AH