日本央行决定维持目标利率不变 2026年起逐步削减国债购买规模

Group 1 - The Bank of Japan unanimously decided to maintain the target interest rate at 0.5%, aligning with market expectations for the third consecutive meeting [1] - The current bond purchase reduction plan will remain unchanged until March 2026, with a planned quarterly reduction of approximately 200 billion yen starting from April 2026 [1] - By the first quarter of 2027, the Bank of Japan's bond purchases are expected to decrease to about 2 trillion yen, representing a reduction of approximately 16-17% from the levels in June 2024 [1] Group 2 - The Bank of Japan indicated that it may take measures such as increasing bond purchases or fixed-rate operations to stabilize the market if long-term interest rates rise rapidly [2] - Following the announcement, the USD/JPY exchange rate showed little volatility, trading around 144.82, indicating that the market had already priced in the current policy path [2] - The yields on 5-year and 10-year government bonds rose by 1.5 basis points to 1.025% and 1.465%, respectively, in response to the decision [2] Group 3 - Despite the unanimous decision on interest rates, there were differing opinions within the Bank of Japan regarding the bond purchase reduction plan, with some members advocating for less direct intervention in the market [3] - The current economic outlook is described as a "moderate recovery," but there are signs of weakness, particularly in housing investment [3] - The Bank of Japan emphasized the importance of monitoring inflation trends and global economic conditions, as future policy directions will depend on these factors [3]