2025年9月，日本的外汇储备增加了171亿美元，达到1.34万亿美元，为2022年3月以来的最高水平。这些资产包括1.15万亿美元的外币资产、112.7亿美元的国际货币基金组织储备头寸、609亿美元的特别提款权、1040.5亿美元的黄金和163.3亿美元的其他储备资产。财政部早些时候证实，2025年4月至6月期间没有发生外汇干预，而9月季度的数据尚未公布。

Japan’s foreign reserves rose by $17.1 billion to $1.34 trillion in September 2025, marking the highest level since March 2022. The holdings included $1.15 trillion in foreign currency assets, $11.27 billion in IMF reserve position, $60.90 billion in SDRs, $104.05 billion in gold, and $16.33 billion in other reserve assets. The finance ministry earlier confirmed that no foreign exchange interventions occurred between April and June 2025, while data for the September quarter has yet to be released.

2025年8月，日本家庭支出同比增长2.3%，超过了市场普遍预期的1.2%，比上个月的1.4%增长更快。这是个人支出连续第四个月增长，也是自5月以来最强劲的增长，这得益于旨在缓解成本压力和美国新关税影响的政府支持措施。燃料、照明和水费（7月份为4.7%对4.8%）、医疗保健（1.7%对11.5%）、交通和通信（13.5%对14.8%）以及教育（16.9%对9.5%）的支出继续上升。与此同时，服装和鞋类（5.4%对-0.4%）以及文化和娱乐（12.2%对-4.1%）的支出出现反弹。相比之下，食品（-1.2%对-1.8%）、住房（-0.7%对-5.9%）以及家具和家居用品（-6.8%对0.8%）的支出有所下降。按月计算，支出增长0.6%，高于0.1%的预测，但与7月份1.7%的增长相比大幅放缓。

Household spending in Japan increased by 2.3% yoy in August 2025, exceeding market consensus of 1.2% and accelerating from a 1.4% growth in the previous month. It was the fourth straight month of rise in personal expenditure and the strongest pace since May, supported by government support measures aimed at mitigating cost pressures and the impact of new U.S. tariffs. Expenditures continued to rise for fuel, light & water charges (4.7% vs 4.8% in July), medical care (1.7% vs 11.5%), transportation & communication (13.5% vs 14.8%), and education (16.9% vs 9.5%). At the same time, spending rebounded for clothing & footwear (5.4% vs -0.4%) and culture & recreation (12.2% vs -4.1%). In contrast, expenditures weakened for food (-1.2% vs -1.8%), housing (-0.7% vs -5.9%), and furniture & household items (-6.8% vs 0.8%). On a monthly basis, spending rose 0.6%, topping forecasts of 0.1% but slowing sharply from July's 1.7% gain.

美元/日元牛市因日元暴跌而高度警惕爆发。美元/日元周一延续涨势，因东京政治转变导致日元大幅下跌。交易员对有关支持刺激计划的候选人、对日本央行加息持强烈批评态度的Sanae Takaichi即将成为日本第一位女首相的报道做出了反应，这引发了日元的广泛下跌和对套利交易的重新兴趣。

USD/JPY Bulls On High Alert For Breakout As Japanese Yen Slumps.USD/JPY extended its rally on Monday as the Japanese yen sold off sharply amid political shifts in Tokyo. Traders reacted to reports that Sanae Takaichi — a pro-stimulus candidate and vocal critic of Bank of Japan (BOJ) rate hikes — is poised to become Japan's first female prime minister, triggering a broad yen decline and renewed interest in carry trades.

日元下跌2%，日本将迎来新的鸽派首相。日本执政的自民党选出了一位新领导人，她是一只鸽子。日本央行的鹰派转变和政策正常化可能已经走到了尽头，不断上升的失业数据支持了鸽派的转变。

Japanese Yen Drops 2% as Japan Set for a New Dovish PM.Japan's ruling LDP party have chosen a new leader, and she is a dove. The BoJ's hawkish shift and normalisation of policy may have run its course, and rising unemployment figures support a dovish shift.