周三,日本10年期政府债券收益率保持在1.47%左右,投资者消化了日本央行行长上田和夫最近的评论。周二,上田在议会发表讲话时表示,如果日本央行获得“足够的信心,基本通胀接近或接近2%”,日本央行准备再次加息,这增强了人们对逐步紧缩周期的预期。他的言论是在持续的通胀压力下发表的,尽管更广泛的经济前景仍存在不确定性。美国关税的影响继续对日本的出口导向型经济造成压力,促使日本央行最近下调了增长预测,理由是外部逆风和国内需求疲软。与此同时,生产者价格数据显示,5月份同比增长3.2%,为八个月来最慢增速,这表明投入成本通胀有所缓解。
Japan’s 10-year government bond yield held around 1.47% on Wednesday, as investors digested recent comments from Bank of Japan Governor Kazuo Ueda. Speaking to parliament on Tuesday, Ueda signaled the BOJ is ready to raise interest rates again if it gains “enough confidence that underlying inflation nears or moves around 2%,” reinforcing expectations of a gradual tightening cycle. His remarks come amid persistent inflationary pressures, though uncertainty over the broader economic outlook remains. The impact of US tariffs continues to weigh on Japan’s export-driven economy, prompting the BOJ to recently lower its growth forecast, citing external headwinds and sluggish domestic demand. Meanwhile, producer price data showed a 3.2% year-on-year increase in May—its slowest pace in eight months—suggesting some easing in input cost inflation.