美元/日元技术：美元强势（再次）跌破148.95区间阻力位，日本央行保持加息希望。2025年9月17日星期三，美元/日元进一步下跌，最初的盘中跌幅为-0.7%，创下145.48的盘中低点，随后在美联储主席鲍威尔的“不那么温和”的新闻发布会上，美元/日圆扭转了FOMC后的高点，收高并抹去了所有最初的跌幅。

USD/JPY Technical: USD Strength Capped (Again) Below 148.95 Range Resistance, BoJ Keeps Rate Hike Hopes Alive.The USD/JPY dropped further on Wednesday, 17 September 2025, with an initial intraday loss of -0.7% to print an intraday low of 145.48 before it reversed up higher ex-post FOMC to close higher and erased all its initial losses, reinforced by Fed Chair Powell's “less dovish” press conference.

日经225指数下跌0.57%，收于45046点，而更广泛的东证指数周五下跌0.35%，收于3148点，扭转了日本央行连续第五次将政策利率维持在0.5%后的早期涨幅，正如预期的那样。央行表示，经济正在温和复苏，但强调了疲软领域，并警告全球贸易政策的风险。它还一致投票决定开始出售其ETF和J-REIT资产。与此同时，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。跌幅最大的公司包括任天堂（-2.4%）、迅销（-4.5%）和日立（-24.4%）。本周，日经指数仍上涨0.62%，东证指数下跌0.41%。

The Nikkei 225 Index slipped 0.57% to close at 45,046 while the broader Topix Index dropped 0.35% to 3,148 on Friday, reversing early gains after the Bank of Japan held its policy rate at 0.5% for a fifth straight meeting, as expected. The central bank said the economy is recovering moderately but highlighted areas of weakness and warned of risks from global trade policies. It also voted unanimously to begin selling its ETF and J-REIT holdings. Meanwhile, data showed Japan’s core inflation rose 2.7% in August, easing for a third month to the lowest since November 2024. Major decliners included Nintendo (-2.4%), Fast Retailing (-4.5%) and Hitachi (-2.4%). For the week, the Nikkei still advanced 0.62%, while the Topix slipped 0.41%.

在东京，日经225指数周五下跌319点，跌幅0.70%。住友金属矿业（-4.21%）、迅销（-4.18%）和Taiyo Yuden（-3.86%）领跌。涨幅最大的是尼康公司（6.39%）、东京电力公司（5.88%）和三井工程造船公司（4.52%）。

In Tokyo, the Nikkei 225 Index decreased 319 points or 0.70 percent on Friday. Losses were driven by Sumitomo Metal Mining (-4.21%), Fast Retailing (-4.18%) and Taiyo Yuden (-3.86%). Biggest rises came from Nikon Corporation (6.39%), Tokyo Electric Power (5.88%) and Mitsui Engineering & Shipbuilding (4.52%).

日本央行粉碎党。市场对美国指数的最终判断是明确的：标准普尔500指数、纳斯达克指数和道琼斯指数在美联储开始为刚刚上调增长预测的经济体降息后的第二天都创下了历史新高。美国小盘股指数上涨2.5%，而斯托克600指数和富时100指数也出现反弹，尽管欧洲央行（ECB）和英格兰银行（BoE）在最近的会议上没有降息，预计今年也不会降息。

BoJ Crashes the Party.The markets' final verdict for US indices was clear: the S&P 500, Nasdaq and Dow Jones all hit all-time highs a day after the Federal Reserve (Fed) started cutting rates for an economy whose growth forecast it had just raised. The US small-cap index jumped 2.5%, while the Stoxx 600 and FTSE 100 rebounded as well, despite both the European Central Bank (ECB) and the Bank of England (BoE) delivering no rate cuts at their latest meetings and being expected to deliver none this year.