日本央行季度短观调查显示了一幅建设性的图景。在行业巨头博通的销售前景未能达到（过高的）预期后，人工智能估值压力在本季度第二次出现。上周早些时候，甲骨文因延迟完成数据中心而受到惩罚。

BoJ's Quarterly Tankan Survey Shows a Constructive Picture.AI valuation stress kicks in for the second time this quarter after industry giant Broadcom's sales outlook failed to live up to (outsized) expectations. Earlier last week, Oracle got punished for delay in completing data centers.

美元/日元–2025年12月15日。美元兑日元保持在156.15阻力位以下，该阻力位迄今已跌至155.35。市场仍有可能在154.90至156.15之间形成交易区。

USD/JPY – 15.12.2025.USDJPY held below the 156.15 resistance which managed to cause a drop towards 155.35 so far. The market is still showing the chance for a trading zone between 154.90 and 156.15.

日本短观：随着企业吸收关税影响，制造业情绪有所改善。日本第四季度短观调查为经济提供了广泛的支持信号，增强了人们对日本央行将继续进行利率正常化的预期。大型制造业指数从14升至15，符合预期，标志着连续第三个季度有所改善，是自2021年12月以来的最强读数。

Japan Tankan: Manufacturing sentiment improves as firms absorb tariff impact.Japan's Q4 Tankan survey delivered a broadly supportive signal for the economy, reinforcing expectations that the BoJ will proceed with rate normalization. The large manufacturing index rose from 14 to 15, in line with expectations, marking a third consecutive quarterly improvement and the strongest reading since December 2021.

investingLive亚太外汇新闻摘要：日元因日本央行数据和预期而走高。日本央行12月短观调查显示，日本企业情绪总体保持稳定，大型制造商情绪保持稳定，服务业状况保持高位。尽管利润预期减弱，劳动力短缺持续存在，但日本央行官员的后续评论强调了贸易不确定性的缓解、成本传递的改善和需求的弹性，特别是与人工智能和半导体相关的需求。

investingLive Asia-Pacific FX news wrap: Yen moves higher on BoJ data & expectations.Japan's corporate sentiment remained broadly stable in the Bank of Japan's December Tankan survey, with large manufacturers' sentiment holding steady and services-sector conditions remaining elevated. While profit expectations softened and labour shortages persisted, follow-up comments from a BOJ official highlighted easing trade uncertainty, improved cost pass-through and resilient demand, particularly linked to AI and semiconductors.