Japanese Prime Minister Shinzo Abe offered some warm words to South Korea today, suggesting both sides are moving towards normalization of relationship. He upgraded description of South Korea from an “important neighbor” to “the most important neighbor” who “shares basic values and strategic interests.”
Abe told the parliament that “under an increasingly severe security environment in Northeast Asia, diplomacy with neighboring countries is extremely important”. And, “essentially, South Korea is the most important neighbor with which Japan shares basic values and strategic interests.”
Abe also urged to leave the issues of wartime labor behind. And, “I sincerely hope South Korea honors the commitments between the two counties and works toward building future-oriented relations.”
WTI oil jumps on double-whammy production distruptions, but upside limited
Oil prices jumped notably today double-whammy of disruptions in two key producers, in Libya and Iraq. WTI hits as high as 59.56 but fails to extend gains so far. Also, despite the recovery, near term bearish outlook is unchanged with 60.24 minor resistance intact. That is, current decline from 65.38 is seen as a leg inside medium term sideway pattern that started back at 66.49. Deeper fall would be seen and break of 57.35 temporary low will target 50.86 key support zone. However, firm break of 60.24 will dampen this bearish view and turn focus back to 65.38 high instead.