美元/日元–25.07.2025。美元兑日元成功守住145.70的支撑位，推动反弹至147.20-90。正如我们在图表上看到的，交易区的机会可以将市场保持在145.70的支撑位和147.20-90的阻力位之间。

USD/JPY –25.07.2025.  USDJPY managed to hold  above the support of 145.70 which pushed for a rebound towards 147.20-90. As we see over the chart, a chance for a trading zone can hold the market between support 145.70 and resistance 147.20-90.

今天的数据并没有破坏我们对日本央行今年晚些时候进一步加息的预期。欧洲货币联盟收益率曲线昨日持平。稳健的欧洲货币联盟采购经理人指数和欧洲央行再次确认了依赖数据的观望模式，导致市场重新考虑了对欧洲央行进一步宽松的预期。

Today's Numbers Do Not Derail Our Expectations for Further BoJ Rate Hikes Later This Year.EMU yield curves bear flattened yesterday. A solid EMU PMI and the ECB reconfirming a data-dependent wait-and-see modus caused markets to reconsider expectations on additional ECB easing.

在东京，日经225指数周五下跌371点，跌幅0.89%。安川电机（-6.00%）、佳能（-4.43%）和马自达汽车（-4.42%）领跌。

In Tokyo, the Nikkei 225 Index decreased 371 points or 0.89 percent on Friday. Losses were driven by Yaskawa Electric (-6.00%), Canon (-4.43%) and Mazda Motor (-4.42%).

周五，日本10年期政府债券收益率小幅降至1.59%左右，结束了两天的上涨，因为投资者重新评估了美日贸易协议和更广泛政策前景的影响。该协议对日本对美国的出口征收15%的关税，远低于唐纳德·特朗普总统此前威胁的25%，这在一定程度上缓解了贸易不确定性。在数据方面，东京7月份的核心通胀率低于预期，但仍远高于日本央行2%的目标，强化了市场对今年再次加息的预期。日本央行将于下周宣布其政策决定，普遍预计将保持利率稳定，但可能会在其季度展望中上调通胀预测。本周早些时候，副行长内田慎一表示对进一步收紧政策持谨慎态度，理由是全球贸易政策的不确定性加剧及其对经济增长的潜在拖累。

Japan’s 10-year government bond yield edged down to around 1.59% on Friday, snapping a two-day advance as investors reassessed the implications of the US-Japan trade deal and broader policy outlook. The agreement imposes a 15% tariff on Japanese exports to the US, significantly lower than the 25% previously threatened by President Donald Trump, providing some relief but keeping trade-related uncertainty elevated. On the data front, Tokyo’s core inflation in July came in below expectations but remained well above the Bank of Japan’s 2% target, reinforcing market expectations for another rate hike this year. The BOJ will announce its policy decision next week and is widely expected to keep rates steady, but will likely revise up its inflation forecast in its quarterly outlook. Earlier this week, Deputy Governor Shinichi Uchida signaled a cautious stance on further tightening, citing heightened uncertainty over global trade policy and its potential drag on growth.