Japanese Finance Minister Discusses Financial Market Conditions with US Treasury Secretary
On May 12, Japanese Finance Minister Katsunobu Kato stated that he held a two-hour meeting with US Treasury Secretary Janet Yellen last night to discuss the financial market situation, including foreign exchange. He reaffirmed the close cooperation based on last year's joint statement. The discussions also covered critical mineral supply chains and broad international cooperation on artificial intelligence. (Dongxin News Agency)
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US mortgage rates soar, homebuying demand weak: New home sales in September fell by 0.6% month-on-month, home prices down 3.9% year-on-year
In September, new home sales in the United States reached an annualized rate of 676,000 units, surpassing the market expectation of 651,000 units. The median price for new homes was $400,400, marking a year-on-year decline for seven months within the year. U.S. mortgage rates reached their highest level in nearly three years at the beginning of October last month. Economists note that "price reductions and mortgage rate subsidies help sustain sales, but the market relies more on builder concessions rather than strong endogenous demand."
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