日本央行如期维持利率不变 明年放缓缩减购债步伐

Group 1 - The Bank of Japan maintains its target interest rate at 0.5%, aligning with market expectations, marking the third consecutive meeting without changes [1] - Starting from the next fiscal year, the Bank of Japan will slow down the pace of bond purchase reductions, decreasing the monthly reduction from 400 billion yen to 200 billion yen [3] - The decision to reduce bond purchases was made with an 8 to 1 vote, with one member dissenting, advocating for maintaining the current reduction pace [3] Group 2 - The Bank of Japan's decision to slow down bond purchase reductions reflects concerns over rising long-term government bond yields and market stability [4] - A mid-term review of the reduction plan will take place in June 2026, with the Bank of Japan indicating readiness to respond quickly to rising long-term rates [4] - The central bank's normalization process is critical, especially given the impact of U.S. tariffs on Japan's export-dependent economy [7] Group 3 - Japan's core consumer inflation rate reached 3.5% in April, significantly exceeding the Bank of Japan's 2% target, driven by rising food prices and labor costs [8] - Long-term bond yields in Japan have reached their highest levels since issuance, prompting speculation about potential adjustments in issuance to calm investor fears [8] - The market is closely monitoring the Bank of Japan's communications for any hints regarding future interest rate hikes [8]