日本央行面临复杂外部环境 强调货币政策灵活性

Core Viewpoint - The Bank of Japan (BOJ) is facing internal divisions regarding its monetary policy direction, with some members advocating for a resumption of interest rate hikes despite external pressures, particularly from potential U.S. tariff increases [1][2]. Group 1: Monetary Policy Outlook - BOJ board member Hajime Takata warns that the current pause in the interest rate hike cycle will be temporary, suggesting a return to tightening in response to economic changes [1]. - Takata emphasizes the need for flexibility in monetary policy execution due to heightened uncertainty, particularly regarding U.S. trade policies [1]. - BOJ Governor Kazuo Ueda remains cautious, highlighting that core inflation is still below the 2% target and indicating a preference for clear upward trends before considering rate hikes [1][2]. Group 2: Inflation and Economic Conditions - Japan's inflation rate is currently the highest among G7 countries, with key living cost indicators reaching a two-year high, yet the BOJ is cautious about the sustainability of this inflation driven by food prices [2]. - The BOJ's unique monetary policy path reflects its specific considerations regarding domestic economic conditions, balancing inflation control with economic growth support [2]. - There is a consensus among BOJ members on the importance of maintaining flexibility and closely monitoring both domestic and international economic developments [2].