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Iran and Gulf States to Hold Meeting Next Week to Advance Hormuz Strait Agreement

On September 11, the Financial Times reported that foreign ministers from Gulf states plan to meet with the Iranian foreign minister in response to initiatives from Oman and Iran, seeking support for an agreement on the temporary management of shipping in the Hormuz Strait. Meanwhile, countries in the region are looking for ways to ease the hostile situation surrounding this waterway. This meeting, proposed by Oman, will be the first encounter between senior diplomats from the Gulf Cooperation Council, comprising six member states, and high-ranking Iranian officials since the outbreak of U.S.-Iran conflicts in late February. According to sources, the meeting is scheduled to take place next Monday in Salalah, a coastal city in Oman. Details have yet to be finalized, but several countries have confirmed their participation, and the meeting is expected to proceed as planned. If the meeting takes place, it will underscore the region's urgency in attempting to reopen the strait and de-escalate U.S.-Iran hostilities.

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  • Iran and Gulf States to Hold Meeting Next Week to Advance Strait of Hormuz Agreement

    On September 11, the Financial Times reported that foreign ministers from Gulf states plan to meet with the Iranian foreign minister in response to initiatives from Oman and Iran, seeking support for an agreement on the temporary management of shipping in the Strait of Hormuz. Meanwhile, countries in the region are looking for ways to ease the hostile situation surrounding this waterway. This meeting, proposed by Oman, will be the first between senior diplomats from the Gulf Cooperation Council, consisting of six member states, and Iranian officials since the outbreak of the U.S.-Iran conflict at the end of February. According to sources, the meeting is scheduled to take place next Monday in Salalah, a coastal city in Oman. Details have not been finalized, but several countries have confirmed that the meeting is expected to proceed as planned. If the meeting takes place, it will highlight the region's urgency to attempt to reopen the strait and ease U.S.-Iran tensions.

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    On September 11, sources revealed that the Bank of Japan is expected to raise interest rates next week, most likely by 25 basis points, and may indicate a faster tightening pace if inflationary pressures increase. Raising rates to 1.25% would mark the highest policy rate for the Bank of Japan in 31 years. The move comes just three months after the last rate hike in June, signaling an acceleration in tightening measures. Many within the central bank believe that as the economy enters a moderate recovery and price pressures build, the conditions for another rate hike are becoming favorable. The central bank also anticipates that even if rates rise to 1.25%, financial conditions will remain accommodative. The market is closely watching Governor Ueda's comments after the meeting for any clues regarding the future pace of rate hikes and the potential peak rate in this tightening cycle. Sources indicated that the Bank of Japan may have no predefined view on the terminal rate, which will depend on how past rate hikes affect the economy and the extent to which businesses pass on rising costs to households. There is also no consensus within the Bank of Japan on the speed of rate hikes. Ueda is expected to avoid committing to a specific timeline for future rate increases but may reiterate the July statement that if financial conditions are deemed too loose, the Bank of Japan may accelerate rate hikes.

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