美联储后的扭曲：美元/日元看涨逆转——不要错过。在美联储利率决定期间，美元兑日元大幅下跌。美元/日元飙升至145.50，随后出现大幅复苏。

Post-Fed Twist: USD/JPY Bullish Reversal – Don't Miss Out.The US Dollar declined sharply against the Japanese Yen during the Fed rate decision. USD/JPY spiked to 145.50 before there was a sharp recovery.

日本核心CPI降至2.7%，为2024年末以来的最低水平。日本8月份的消费者通胀明显缓解，整体CPI和核心CPI（不包括新鲜食品）均从7月份的3.1%降至2.7%，为2024年11月以来的最低水平。尽管经济放缓，但通货膨胀率在三年多的时间里一直高于日本央行2%的目标。

Japan core CPI Slows to 2.7%, lowest since late 2024.Japan's consumer inflation eased notably in August, with both headline CPI and core CPI (excluding fresh food) falling to 2.7% yoy from 3.1% in July, the lowest since November 2024. Despite the slowdown, inflation has remained above the BoJ's 2% target for over three years.

周五，日元兑美元汇率稳定在148左右，交易员等待日本央行的政策决定，普遍预计利率将保持不变。尽管如此，由于经济出现弹性迹象，市场预计10月份可能加息25个基点。投资者还权衡了8月份日本核心通胀率上升2.7%的数据，连续第三个月降至2024年11月以来的最低水平。与此同时，日元在前两个交易日下跌了约1%，因为美联储表示其鸽派立场低于预期后，美元走强。本周早些时候，美联储宣布降息25个基点，并预计今年将再降息两次，而2026年仅降息一次。美联储主席杰罗姆·鲍威尔称此举是应对劳动力市场疲软的风险管理举措，强调没有必要急于放松。

The Japanese yen steadied around 148 per dollar on Friday as traders awaited the Bank of Japan’s policy decision, where rates are widely expected to remain unchanged. Still, markets are pricing in a possible 25 basis point hike in October amid signs of resilience in the economy. Investors also weighed data showing Japan’s core inflation rose 2.7% in August, easing for the third straight month to the lowest since November 2024. Meanwhile, the yen declined about 1% over the prior two sessions as the dollar strengthened after the Federal Reserve signaled a less dovish stance than expected. Earlier this week, the Fed delivered a quarter-point cut and projected two more reductions this year, while flagging just one cut in 2026. Fed Chair Jerome Powell called the move a risk management step in response to labor market weakness, stressing there was no need to rush easing.

日经225指数上涨0.9%，至46570点左右，而更广泛的东证指数周五上涨0.8%，至3185点，日本股市创下历史新高，投资者等待日本央行的政策决定，预计利率将保持不变。尽管如此，由于经济出现弹性迹象，市场预计10月份可能加息25个基点。投资者还评估了数据，显示日本8月份核心通胀率上升2.7%，连续第三个月回落至2024年11月以来的最低水平。日本股市也反映了华尔街的反弹，美联储最近的降息推动美国指数创下历史新高。涨幅最大的股票包括Lasertec（10.1%）、东京电子（1.7%）、Advantest（2.5%）、藤仓（2.4%）和三菱UFJ（1.4%）。

The Nikkei 225 Index climbed 0.9% to around 46,570 while the broader Topix Index advanced 0.8% to 3,185 on Friday, with Japanese equities hitting fresh all-time highs as investors awaited the Bank of Japan’s policy decision, where rates are expected to remain unchanged. Still, markets are pricing in a possible 25 basis point hike in October amid signs of resilience in the economy. Investors also assessed data showing Japan’s core inflation rose 2.7% in August, easing for the third straight month to the lowest since November 2024. Japanese stocks also mirrored Wall Street’s rally, with the Federal Reserve’s latest rate cut propelling US indexes to record highs. Among top gainers were Lasertec (10.1%), Tokyo Electron (1.7%), Advantest (2.5%), Fujikura (2.4%) and Mitsubishi UFJ (1.4%).