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Residential buildings under construction at China Vanke Co.'s Isle Mansion development in Nanjing, China, on Thursday, Nov. 9, 2023.
Source: Bloomberg
Good morning. The yen bounced back a bit. Vanke bonds have been hammered. And India is looking at ways to boost its EV industry. Here’s what you need to know today.
The yen jumped against the dollar in New York trading Monday after touching its weakest point this year, spurring speculation among analysts that it was partly the result of options positioning rather than Japanese authorities stepping into the market. Japan’s currency touched a year-to-date low of 151.91 per dollar, then abruptly strengthened to the 151.21 level before reversing much of its gain. At the end of the day though the yen was still the worst performer this year among Group-of-10 currencies, having shed more than 13% against the greenback.