EURIBOR: EURIBOR FIX

Japan's Kyodo news reporting that the gov'ts of Japan and the United States are considering President Joe Biden visit to the southwestern city of Nagasaki during the course of the 2023 G7 summit due to take place in Hiroshima, Japan from 19-21 May.

• If the visit goes ahead it would be the first to the city by a sitting US President. Towards the end of the Second World War, Nagasaki was hit by a US atomic bomb on 9 Aug 1945, three days after a similar attack on Hiroshima.
• In May 2016, Barack Obama became the first sitting US President to visit Hiroshima alongside then Japanese PM, the late Shinzo Abe. Incumbent Japanese PM Fumio Kishida represents a constituency in the city of Hiroshima.
• Obama's visit was seen as an important sign of the strength of the post-war US-Japan alliance, and a similar visit by Biden in 2023 would likely serve to further reinforce this. Comes at a time when Japanese concerns about security risks posed by North Korea and China in the Indo-Pacific remain heightened.

Australian Foreign Minister Senator Penny Wong travels to China today for meetings with her counterpart there Wang Yi. This will mark the first trip to China for an Australian foreign minister since 2018, and is seen as a continuation of the thaw in diplomatic relations that have been frozen for some years as China and Australia engaged in a war of words and escalating economic barriers.

• Latika Bourke at the Sydney Morning Herald: "New govt has a softer tone but hasn't shifted an inch on substantive policy. [...] China's MFA spokey hoping the visit will set bilateral relations back on the 'right track.'
  
  (first meaningful change would be China lifting trade sanctions imposed after the WHO inquiry calls by Aust govt). Statement from PM [Anthony Albanese] and [Wong] confirming visit: 'Australia seeks a stable relationship with China; we will cooperate where we can, disagree where we must and engage in the national interest.' Interesting. Australia's Trade Minister Don Farrell says they are not expecting China to lift trade sanctions after first meeting in five years between the two countries' foreign ministers."
• The foreign ministers have met on two separate occasions on the sidelines of international meetings, setting up the November meeting between Chinese Pres. Xi Jinping and PM Albanese on the sidelines of the G20 in Bali, Indonesia.
• The main objective of this meeting for Australia, rather than the removal of trade barriers so soon, is likely to be the establishment of regular dialogues on policy and trade in an effort to foster the thaw and avoid escalation.