Good morning. Here's what happened overnight and what you need to know today.
1.
Quantum leap: Australia will invest $940 million in PsiQuantum, a Silicon Valley startup co-founded by Australian professors Jeremy O'Brien and Terry Rudolph, to establish its Asia-Pacific headquarters in Brisbane and operate the world's first commercially viable quantum computer there by 2029. The joint investment by the federal and Queensland governments includes equity purchases, grants and loans, and is part of Anthony Albanese's "Future Made in Australia" agenda. In return for the investment, PsiQuantum will operate its utility-scale quantum computers in Brisbane, create up to 400 new highly-skilled local jobs, establish a climate research centre and partner with local industry and universities. It represents a major bet on PsiQuantum's photonics-based approach being able to overcome quantum computing's stability challenges before rivals like Google, IBM and Microsoft. Science Minister Ed Husic, defending the significant investment, said Australia shouldn't miss the boat on new technological advances. “We just don’t want to repeat the sorry chapters of generations prior," he said. (The Australian)(Australian Financial Review)
2.
Yen spend: Japan intervened in currency markets on Monday in an attempt to prop up the yen after it fell to around 160 per dollar – a multi-decade low. The move to buy yen and sell US dollars, which was not publicised by the Japanese government, was confirmed by anonymous sources speaking to the Wall Street Journal. The yen has plummeted versus the dollar this year as traders increasingly doubt when the Federal Reserve will start cutting interest rates, with higher US rates making the low-yielding yen far less attractive. Following Japan's actions, the yen rebounded to around 155 per dollar. While the Ministry of Finance did not confirm the intervention directly, top currency official Masato Kanda hinted at the move, citing concerns over "violent and abnormal" currency moves harming the economy. (Wall Street Journal)
