June 14th, Kin Cheung data, Alvin Tan, head of Asia forex strategy at Royal Bank of Canada's capital markets, said the Bank of Japan will wait until the next meeting to announce the details of the reduction in bond purchases, which is much milder than expected by the market. It is currently unclear whether the Bank of Japan has already determined the specific scale of the reduction in bond purchases or will decide at the next meeting. Therefore, the downward pressure on the yen against the dollar will continue. The market may push the currency pair below 158, despite the recent decline in U.S. Treasury yields.

KIN data on June 11th, HSBC's global economists said that the Bank of Japan may keep interest rates unchanged in June, but is expected to communicate more about buying Japanese government bonds. Economists Frederic Neumann and Jun Takazawa believe that by the end of 2025, the Bank of Japan may reduce the average bond purchase speed to 30 trillion yen per month. HSBC's assumed path suggests that its holdings of Japanese government bonds will still be considerable, exceeding 500 trillion yen by the end of 2025, thus suppressing the risk of a significant "de-anchoring" of yields. Essentially, it is expected that the Bank of Japan will reduce the scale of purchases, leading to a contraction of its balance sheet, but not to an extent that would require widespread attention and response. The next rate hike is still expected to be most likely in July.

Golden Finance reported that the transition period for the licensing of virtual asset service providers (VASPs) in Hong Kong will end at the end of this month, and the SFC will decide whether existing service providers can continue to operate after June, and longest platforms have recently withdrawn their Hong Kong license applications. Hui Kin-sang, former chairman of the Hong Kong Computer Industry Association, believes that the cost of operating a trading platform in Hong Kong is high, such as license fees, hiring responsible personnel, etc., and the existing platform transactions in Hong Kong have not increased significantly, Liquidity are not as good as overseas platforms, and cannot attract overseas customers, and the market may not be able to accommodate many long license applicants, and the overseas business of large international platforms is mature, or the application may be withdrawn due to the profitability of the local market.

KIN price fell below the 200-day moving average and collapsed, putting buyers in a predicament and unwinding their long positions. Subsequent selling resulted in a break below the key moving average, and the death cross indicated sellers actively taking short positions. After a correction phase, sellers participated in the market and pushed the price up by more than 40% this month driven by bearish sentiment. Analysis suggests that KIN may continue its downward trend and retest the range of $0.00001250.

On October 29, Hong Kong Financial Services Development Council Vice Chairman Fung Wah-kin said that as of July this year, Hong Kong's cumulative green bond issuance was close to US$22 billion, and the world's first batch of tokenized green bonds using distributed ledger technology was issued, with a total value of 800 million yuan, which confirmed Hong Kong's positioning as a sustainable investment center. Fung added that Hong Kong remains the largest listing venue for China's offshore green bonds, accounting for 16% of China's green bond market in 2022, and that Hong Kong will use COP28 (the 28th United Nations Climate Summit) to promote sustainable finance. (Hong Kong Wen Wei Po)